RIYADH: The Saudi Industrial Property Authority (MODON) has inked more than 6,000 industrial, logistic and services contracts for investments that exceed SR600 billion ($160 billion) and provide job opportunities for more than 520,000 employees.
Sami Al-Hussaini, official spokesperson of MODON, told Asharq Al-Awsat that factories in the industrial zones have registered a remarkable rise during 2015, in addition to the completed and under-construction industrial projects, noting that MODON has enhanced the attraction of industrial investment.
Al-Hussaini noted that the authority has managed 35 industrial cities by the end of 2015 after it joined the development and operation of the industrial zone in Waad Al-Shamal Region.
These industrial cities are characterized by their geographical spread across the Kingdom, which is one of MODON’s main goals, he added.
According to the official spokesman, the manufacturing industries’ contribution to the gross domestic product (GDP) reached 12.2 percent compared to 10.8 percent in 2014. He continued that these industries’ values reached around SR299 billion by the end of 2015.
Al-Hussaini asserted that the visit of Deputy Crown Prince Mohammed bin Salman to the United States and France marked a remarkable step toward the implementation of Saudi Vision 2030 through the inauguration of strategic partnerships with leading companies aiming at importing knowledge and technique, Saudization of expertise in the fields of manufacturing, maintenance, research, development, and the promotion of digital transformation.
The prince has inked an agreement with Cisco Systems International, one of the biggest technology companies in the world of information industry, and launched negotiations with Dow Chemicals and industries working in retail and modern commerce, he stated.
The spokesman of MODON said that the national infrastructure is ready to embrace these major projects through their planning and executing expertise.
Al-Hussaini also revealed that developed industrial lands have registered a growth that jumped from 40.5 sqm in 2007 to 182.5 sqm in 2015.
MODON adopts a flexible strategy in providing manufacturers with lands according to a specific mechanism and special services, and spreading more industrial cities in different regions in the Kingdom, which decreased pending demands in 2015 to 11, compared to 1,525 in 2012, he added.
Al-Hussaini stated that the authority manages the development and operation of private industrial cities and technological zones based on its role in regulating and encouraging the establishment of such projects in industrial lands owned by the public and private sector and to encourage the private sector on participating in different activities related to those cities.
As part of enhancing this vital role, MODON works on recruiting the developers who aim at establishing private industrial cities by providing significant incentives and facilitations.
In this concern, Al-Hussaini revealed that MODON has succeeded over the past years in attracting manufacturers and in authorizing the establishment of new private industrial cities that comprise around 86 manufactures.
MODON signs 6,000 contracts worth SR600bn
MODON signs 6,000 contracts worth SR600bn
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
