Modon cuts annual rents by 25% to support industrial sector

09/04/2020 Argaam

 

The Saudi Authority for Industrial Cities and Technology Zones (MODON) cut annual rents by 25% until 2020-end, Khalid Al Salem, Director-General, told Argaam.

 

The payment of other fees will be also delayed for 90 days for factories, Al Salem said, adding that these measures fall within the Saudi initiative to support the industrial sector.

 

This initiative includes the exemption from fees related to engineering schemes and contracts amendment until year-end. It also comprises extending the timeframe for the construction works of factories from 24 months to 36 months, in addition to extending the operation license term until end of year.

 

Al Salem added that the number of beneficiaries reached 1,800.

 

He also noted that Modon operates more than 290 specialty food factories and over 20 pharmaceuticals plants.

 

"Medical as well as pharmaceutical contracts hiked by 70% YoY in 2019," Al Salem stated.

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