MODON, Moscow tie-up to support entrepreneurs in industrial innovation: CEO

Majid Al-Argoubi, CEO of Saudi Authority for Industrial Cities and Technology Zones (MODON)

The partnership between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and Moscow will contribute to knowledge exchange in the fields of business modelling, research and manufacturing, not to mention the creation of industrial opportunities, CEO Majed Al-Argoubi told Argaam.

In an interview the sidelines of the signing of a memorandum of understanding (MoU) between MODON and Moscow government’s Department of Entrepreneurship and Innovative Development, the CEO said the tie-up aims to support entrepreneurs in the fields of industrial innovation and product development.

This is besides the exchange of expertise of authorities regulating 48 centers for entrepreneurs, research and innovation, while leveraging the resources available in the Kingdom to enable building successful business models and enterprises.

MODON oversees 39 industrial cities and seven technological zones. There are more than 8,000 industrial and logistics facilities and data centers, of which over 85% are small and medium-sized enterprises (SMEs), according to the CEO.

He added that MODON's future approach focuses on supporting entrepreneurs and youth to help them forge into the industrial field. The goal is to create a promising industrial and productive environment that integrates incentives and programs tailored by the authority and the Ministry of Industry and Mineral Resources.

This is in addition to the "1K Mile" initiative within the Saudi National Industrial Development and Logistics Program (NIDLP), which supports entrepreneurs in creating job opportunities and launching several industrial projects, Al-Argoubi further stated.