RIYADH: With the industrial sector in Saudi Arabia going through massive developments, the Kingdom’s textiles and fabrics industries have recorded over SR4.1 billion ($1 billion) worth of investment, revealed the CEO of the Saudi Authority for Industrial Cities and Technology Zones.
Majed Al-Argoubi said this funding has been distributed over 125 industrial contracts in 19 industrial cities, covering a total area of more than one million sq. m, reported Saudi Press Agency.
Also known as MODON, the government body is responsible for the development of fully integrated service industrial lands to the highest standards, and the agency currently oversees 35 existing and under development industrial cities in various regions of the Kingdom, in addition to supervising private industrial cities.
According to Al-Argoubi, the textiles and men's supplies sector is experiencing high growth in the Kingdom. As most of its raw materials are sourced from Saudi Arabia, he said this makes it an attractive sector for investments.
Al-Argoubi added that the industrial sector in the Kingdom is going through remarkable developments, thanks to the support and facilitation provided by the Saudi leadership to invest in value-added projects.
The CEO shared these details at the inauguration of the second edition of the Men's Fabrics and Accessories Exhibition at the Riyadh International Convention and Exhibition Center. Sponsored by MODON, the five-day event aims to strengthen the industry in this sector, which has been witnessing significant growth in recent years.
Currently, MODON's developed industrial lands exceed 1,988 million sq. m. The existing industrial cities include 3,474 productive factories, in addition to 6,190 industrial, service and logistic contracts, and more than 435,000 employees.
MODON has also prepared advanced infrastructure, supporting logistical services, and several ready-made products and innovative solutions in all regions across the Kingdom and different areas to build factories in various sectors.
Earlier this month, MODON revealed that it will establish, develop and operate 14 warehouses in Jeddah 1st Industrial City.
The new warehouses will be based on smart automated systems to provide quick and temporary logistical solutions to support industrialists and entrepreneurs as well as stimulate investment in the retail sector.
The project involves the construction of fully digital and automated warehouses that do not need human intervention, using the latest technology and equipment that provides access to storage units via a smartphone app.
The warehouses will be operated based on the public-private partnership model, which is expected to enhance quality standards and operational efficiency of services and products and stimulate investment.
