Ali Al-Omeir, executive vice president of business development of the Saudi Authority for Industrial Cities and Technology Zones, known as Modon, signed agreements worth SR10 million ($2.6 million) for the establishment of three new entrepreneurial projects, on the sidelines of Biban 2023.
Modon participated in the Kingdom’s flagship SME forum between March 9-13, where it showcased its services, industrial products and financing solutions provided in partnership with government and private entities, to contribute to supporting entrepreneurship and SMEs. It is in line with the objectives of the National Strategy for Industry, and within the framework of the initiatives mandated in the National Industry Development and Logistics Program and Saudi Vision 2023.
Under the first contract, Modon will allocate a ready factory with an area of 700 square meters to Xtreme Systems, with the aim to localize the computer and electronic and visual products industry and create 30 jobs. Under the second contract, Modon will allocate a ready factory with an area of 1,500 square meters to Almanara Electric Trading Company, aiming to produce electrical equipment in Al-Kharj Industrial City and create 18 jobs.
The third contract allows for the allocation of a ready factory with an area of 700 square meters in Sudair City for Industry and Businesses to Musa and Palm, for the production of artisanal date products and creation of 21 jobs.
The agreements are in line with Modon’s strategy to support in enhancing the local content and increasing the contribution of SMEs to the GDP by 35 percent by 2030.
Modon offers ready factories ranging between 700-1,500 square meters, more than 95 percent of which are specialized for small and medium industries, and entrepreneurship projects. It aims to localize clean and light industries such as food and medical products, as well as electrical and electronic industries, while recently launching a 350-square-meter factory product to keep pace with the growing demand from various investment segments of industrial cities.
Modon also provides SMEs in industrial cities with financing products integrated with the public and private sectors, including “Land and Loan,” “Factory and Loan,” and “Foundation” loan with the Social Development Bank, which allows access to a ready factory and financing of up to SR4 million, accompanied by a range of non-financial incentives.
Founded in 2001, Modon develops integrated industrial land services and currently oversees 36 industrial cities across the Kingdom, with more than 5,000 factories, as well as private industrial complexes and cities.
