JEDDAH: Agreements to invest over SR2 billion ($533 million) in new industrial complexes will bring growth and job opportunities to Saudi Arabia’s cities of Makkah and Al-Kharj, advancing Vision 2030.

The Saudi Authority for Industrial Cities and Technology Zones, or MODON, signed two contracts with Albaddad Holding to establish complexes within the second industrial cities in both boroughs. 

The inking ceremony took place under the patronage of the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef.

Under the contracts, the company is responsible for developing the infrastructure and constructing ready-made and prefabricated buildings to create a fully integrated complex that supports industrial objectives. 

It will also improve production efficiency and enhance added value and sustainable growth opportunities, according to the Saudi Press Agency.

The agreements were signed by MODON’s CEO, Majed Rafed Al-Argoubi, and Zayed bin Hussein Al-Baddad, CEO of Albaddad Holding, in the presence of the company’s chairman, Al-Fateen bin Hussein Al-Baddad.

The initiative aligns with MODON’s vision to be the preferred destination for investment growth and the leading partner for industrial and technology ecosystems, fostering an enabling environment that enhances business sustainability and contributes to national economic development.

These efforts support the goals of Saudi Arabia’s National Industrial Strategy and the Vision 2030 objective of transforming the Kingdom into a leading industrial powerhouse.

The Makkah project is MODON’s first privately developed complex, spanning over 1.3 million sq. meters with an investment of SR1.75 billion. 

It aims to localize promising industries through advanced production technology, create 5,000 jobs, and boost national exports, with up to 60 percent of its output targeting markets in Africa, Europe, the Americas, and countries including Syria, Lebanon, and Jordan, as well as Iraq.

MODON has also launched several development projects in the second industrial city of Makkah, which is over 4.3 million sq. meters in size, including integrated infrastructure enhanced with essential services and innovative products.

This includes a new 200 megavolt-amperes substation to foster a competitive industrial environment promoting growth and sustainability.

The Al-Kharj industrial complex, spanning over 307,000 sq. meters with an investment of SR375 million, is expected to create approximately 1,000 jobs, supporting industries such as construction, exhibitions, and sports as well as cultural and entertainment events.

It will also enhance the iron, aluminum, glass, and PVC textile industries, with plans to export 60 percent of its production to neighboring Gulf countries.

Through these efforts, MODON is driving industrial growth in the Kingdom by developing and managing distinguished industrial cities and technology zones in collaboration with the public and private sectors.

Currently, the developed land area across 37 industrial cities in Saudi Arabia exceeds 215 million sq. meters, housing approximately 6,882 industrial facilities.

RIYADH:  Agreements totaling SR1.35 billion ($359 million) were signed on the second day of Biban 24, a key event focused on supporting startups and small and medium enterprises in Saudi Arabia.

The agreements, finalized during the forum organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at, are set to benefit a range of entrepreneurial initiatives across the Kingdom. The event, held under the theme “A Global Destination for Opportunities,” aims to enhance financial support and empower SMEs, fostering growth in the national economy.

Among the most notable agreements was a memorandum of cooperation between Monsha’at and the Qatar Development Bank. The partnership seeks to strengthen joint training programs, develop accelerators and incubators, and support innovation initiatives to benefit entrepreneurial projects.

Another key agreement was signed between Monsha’at and Milton International, aimed at providing further support to startups and fostering billion-dollar business collaborations between the two organizations.

Monsha’at also entered into a cooperation agreement with Arab National Bank to launch a business accelerator focused on financial technology, designed to bolster the growth of fintech enterprises.

The event also saw the signing of a memorandum of understanding with the National Events Center to support entrepreneurship within the events sector. This collaboration will involve launching competitions to address challenges through an innovation center.

In another significant move, Monsha’at partnered with Noon Co. to enhance its Mahali platform. This initiative will help local businesses develop online stores and tap into new sales opportunities, promoting competitive, locally-produced goods throughout the Kingdom.

These agreements are part of Monsha’at’s broader strategy to drive the growth and competitiveness of SMEs by forging partnerships with key industry players, both locally and internationally.