MODON signs SAR 8.8B worth of industrial, logistics contracts, MoUs

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed several contracts and memoranda of understanding totalling SAR 8.8 billion, covering an area of more than 3.3 million square meters, to develop industrial and logistics projects.

The contracts were signed during MODON's participation in the 21st session of the United Nations Industrial Development Organization (UNIDO) General Conference held in Riyadh from Nov. 23-27.

MODON signed a contract with Wangkang Group to develop an industrial complex in the Third Industrial City in Dammam, covering an area of 1.8 million square meters (sqm) and totaling investments of SAR 5 billion, it said in a statement today, Nov. 26.

The authority inked a contract with the Chinese real estate company Jingdong to develop warehouses in Modon Oasis in Jeddah, spanning 50,000 sqm, at a total investment of SAR 100 million.

It also signed an MoU to develop industrial and logistics projects at a cost of SAR 3.75 billion across areas exceeding 1.5 million sqm in several industrial cities in the Kingdom.

MODON and Jingdong are also working on innovative financing and investment solutions through an investment fund to develop industrial and logistics assets and studying future exit strategies, such as listing assets in REITs, to enhance the attractiveness of investment opportunities.