Multi-storey factories empower entrepreneurs, new industry entrants: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources Bandar Alkhorayef stated that the multi-storey factories project in the first industrial zone in the Eastern Region aims to provide opportunities for entrepreneurs and owners of small and medium-sized enterprises to enter the industrial sector.

The project comprises eight floors and includes more than 70 factories, along with shared services that assist investors, the Minister added in an interview with Argaam on the sidelines of the inauguration of the multi-storey factories project in the first industrial city in Dammam and the inauguration of the prefabricated factories in the second industrial city.

It is an integrated project that provides services such as financial support, legal and marketing services, and knowledge about markets and products, in addition to logistical services that facilitate the movement of products to and from factories, he clarified.

Speaking about the 84-unit prefabricated factory project in Dammam's second industrial city, the Minister said MODON has pioneered the use of prefabricated factories, which has turned into a highly profitable business model that allows many industries and investors to enter the industrial sector before moving on to larger factories.

Alkhorayef also noted that the industrial strategy aims to increase the number of factories in the Kingdom to 36,000 by 2035 from more than 12,000 currently. He also highlighted that the presence of such products facilitates the rapid entry of investors and helps achieve targets.

He indicated that industry is not limited to large companies and major investors but rather offers opportunities for small investors.