Riyadh – The Saudi Authority for Industrial Cities and Technology Zones (Modon) and Saudi Advanced Technologies (Wahaj) have entered into a contract to lease an industrial plot of land with investments topping SAR 800 million.

The land is located in the Riyadh Second Industrial City and spans 42,000 square metres, state-run Saudi Press Agency (SPA) reported on Tuesday.

The signing comes within the framework of Modon’s strategy to empower industry and increase the local content, being one of the key pillars of the Saudi Vision 2030, said General Manager of Modon, Khalid Bin Mohammed Al Salem.

For his part, President and Board Member of Wahaj, Ayman Al Hazmi, said the factory will be one of the entities that provide the kingdom’s needs in various fields, like defence, aviation, and oil and gas, noting that the manufacturing process is carried out in collaboration with various specialised international firms.

Source: Mubasher

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