01/12/2024

Saudi secures $68mln new investments in manufacturing, mining sectors

Saudi Arabia has recently attracted SAR255 million ($68 million) in foreign investments in the mining and manufacturing sectors.

The new investments included the allocation contracts signed by the Saudi Authority for Industrial Cities and Technology Zones (MODON) with two businesses from China and Egypt who plan to establish two factories in the industrial city of Al-Kharj, according to the Saudi Press Agency (SPA) on Thursday.

MODON manages Saudi Arabia’s industrial cities that cater to multiple businesses, including those into the manufacturing of cable, glass, stone, marble, granite, steel, aluminium sheets, ceramics, ready-mixed concrete and building materials.

The report did not identify the companies setting up new factories in Saudi. One of them will operate a production facility for primary iron products on an area of 58,800 square kilometres. The other company will set up a manufacturing site for marble and granite tiles on an area of 28,747 square kilometres.

MODON saw a 4.3% increase in the number of mining and manufacturing facilities set up in Saudi Arabia in 2023. 

The plants were mostly established in the industrial cities in Riyadh, Jeddah, Dammam and Al-Kharj.

Source: Zawya