Saudi Modon receives private investments of $891mln in Q1 2023

Saudi Modon receives private investments of $891mln in Q1 2023

Saudi Authority for Industrial Cities and Expertise Zones (Modon) mentioned whole private sector investments grew 77 % to three.34 billion Saudi riyals ($890.65 million) in the primary quarter of 2023 from SAR 1.88 billion in the identical interval final yr.

Alternatively, the whole quantity of factories and ready-built factories reached 5,894 and 1,191, respectively, in the three months that ended March 31, 2023, the state-owned developer and operator of industrial cities and know-how zones  mentioned in a tweet.

The entire quantity of logistics contracts reached 223 in the primary quarter, it said in one other tweet. The very best allotted industrial sectors had been meals and beverage (29 %), extractive (17 %), equipment and tools (15 %), chemical compounds (10 %) and medical (four %).

Among the many most outstanding allotted cities had been Jeddah (50 contracts), Al-Kharj (36 contracts) and Dammam (19 contracts).

Modon acquired 1,115 overseas traders from 68 international locations, with the outstanding ones from India, Egypt, Jordan, the USA and the UK.

(Writing by D Madhura; Enhancing by Anoop Menon)