Industry Saudi industrial cities operator attracts $4bn investment By Pramod Kumar April 9, 2024, 4:39 AM Modon/X The Modon pavilion at the Industry and Local Content Medina Forum last year. The number of ready-built factories increased to 1,301 in 2023 Total investments in the 36 industrial cities overseen by the Saudi Authority for Industrial Cities and Technology Zones (Modon) reached SAR14.45 billion ($3.9 billion) last year. New investments rose 63 percent year on year from 891 local and foreign companies, state-owned SPA news agency reported, citing Modon’s annual report for 2023. Foreign investments grew by 85 percent year on year. NewsletterGet the Best of AGBI delivered straight to your inbox every week Modon’s developed land area in its industrial cities exceeded 209 million sq m, accommodating 6,443 factories and 7,946 industrial, logistical and investment facilities. Moreover, the number of ready-built factories increased to 1,301. Modon completed 48 development projects at a cost exceeding SAR1.3 billion. Second industrial city planned for Saudi’s Aseer region Saudi Arabia injects $133m into vaccine factory Losses narrow for developer of King Abdullah Economic City The authority increased electrical capacity by 724 megavolt-amperes (MVA) in several locations, including the third industrial cities in Dammam and Jeddah, Taif, Waad Al-Shamal and Najran. Additionally, 45,000 cubic meters of drinking water per day was added to the Sudair City for Industry and Businesses and the Modon Oasis in Yanbu. Sanitary and industrial sewage services were launched in Sudair City for Industry and Business and the Industrial City in Madinah, with a capacity of 15,000 cubic meters per day. Established in 2001, the areas overseen by Modon include six industrial oases.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
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Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
