Modon says investments in ready-built factories surged nearly 200% in 2020

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The Saudi Authority for Industrial Cities and Technology Zones (Modon) said that investments in ready-built factories and industrial land plots increased by nearly 200% and 21%, respectively, in 2020.

Modon succeeded in raising investments in ready-built factories to more than SAR 600 million, from SAR 200 million in 2019, despite the global economic slowdown, due to the COVID-19 pandemic, SPA reported, citing Qusay Al-Abdul Karim, Director of Marketing and Corporate Communications at Modon.

Investments in industrial land plots increased to SAR 5.6 billion last year, Al-Abdul Karim explained.

Industrial cities in the Kingdom are home for global investments from 50 countries, such as the US, Germany, France, China, India, the UAE, Egypt, Jordan and Algeria.

Modon offers ready-built factories, spanning 700 and 1,500 square meters, to encourage entrepreneurs as well as small and medium-sized enterprises (SMEs), he concluded.