Modon establishes new entrepreneurial projects with investments of more than SR10 million during Biban23 Forum
The Executive Vice President of Business Development of the Saudi Authority for Industrial Cities and Technology Zones (Modon) Eng. Ali Al Omeir signed 3 contracts to establish new projects for entrepreneurs with projected investments of more than SR10 million, on the sidelines of the Biban2023 forum.
Modon participated in the Biban Forum between March 9-13, where it showcased via "Enabling Door" its services, industrial products and financing solutions provided in partnership with government and private entities, to contribute to supporting entrepreneurship and small and medium enterprises, 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 (NIDLP) in line with Saudi Vision 2023.
Eng. Al Omeir signed a contract with Xtreme Systems to allocate a ready factory with an area of 700m2 to localize the computer and electronic and visual products industry and create 30 jobs, as well as with the Almanara Electric Trading Company, to allocate a ready factory with an area of 1500m2 to produce electrical equipment in Al Kharj industrial city to create 18 jobs.
The third contract was to allocate a ready factory with an area of 700m2 in Sudair City for Industry and Businesses for “Musa and Palm” Company, for producing date fingers with chocolate, date powder, palm pollen and date baked goods. It will provide 21 jobs.
The new projects are part of Modon strategy to enable the industry and contribute to increase the local content, support national trends to increase the participation of female and male entrepreneurs and small and medium enterprises in GDP to 35% by 2030.
Modon offers ready factories product with areas between 700m2 and 1500m2, more than 95% of which are specialized for small and medium industries, entrepreneurship projects, and aims to localize clean and light industries such as food and medical products, electrical and electronic industries, while recently launching a 350m2 small factories product to keep pace with the growing demand from various investment segments of industrial cities.
Modon also provides small and medium enterprises in industrial cities with financing products integrated with public and private sectors, including: "Land and Loan" and "Factory and Loan" with the Industrial Fund, and the "Foundation" product 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, with a package of incentives for high-value-added projects to encourage them to invest in industrial cities, in addition to providing collective ownership financing with Manafa financing company.
Since 2001, Modon has been developing integrated industrial land services. It currently oversees 36 industrial cities across the Kingdom with more than 5,000 producing factory and under construction, as well as private industrial complexes and cities.
It also develops and strengthens its investment system by the standards of the quality-of-life program to meet the aspirations of its private sector partners, and enable the role of women, small and medium enterprises, and entrepreneurship.