Thursday, May 23, 2024
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New Investments in the Saudi Industrial Sector Have Increased by 63%

RIYADH: Up 63 percent from the previous year, new investments in Saudi Arabia’s industrial sector totaled SR15 billion ($3.99 billion) in 2023.

According to the annual report from the Saudi Authority for Industrial Cities and Technology Zones, SR415 billion in funding was allocated to 891 projects last year, including both domestic and international endeavors. Foreign inflows rose by 85% over the previous year, highlighting the Kingdom’s increasing attraction as a top location for global investors.

The Modon government stated that these industrial communities have developed land areas exceeding 209 million square meters, housing 7,946 industrial, logistics, and investment businesses in addition to 6,443 factories.

Majed Al-Argoubi, CEO of Modon, said in the report, “We always take pride in creating success stories within and outside the authority; during 2023, Modon’s teams managed to achieve success and manage over 7,900 industrial, investment, and logistical contracts, with growth nearly 10 percent over 2022.

Modon brought about significant improvements in utility services, further increasing these industrial zones’ operational capability. This involved increasing the electrical capacity to 724 maximum fuse amps and expanding the potable water and wastewater utilities. These improvements strengthen the infrastructure to accommodate more industrial activity.

Also Read:

Silver Imports into India Reached a Record in February. 

Every Week, Flights from the UAE to Saudi Arabia rise 13.3% to 383 During Ramadan. 

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Thursday, May 23, 2024

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