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FINANCIAL NEWS
Saudi Arabia plans more industrial cities
29 Dec 2010
(MENAFN) Tawfig Fawzan Alrabiah, the Saudi Industrial Property Authority (Modon) director general, said that the kingdom seeks to raise the number of industrial cities to thirty within the coming five years, reported Saudi Press Agency.
Alrabiah added that, according to the plan, 150 million square meters would be occupied by industrial cities. This comes as a part of a plan for Saudi Arabia to diversify income sources and provide revenues from industries other than oil.
It is worth noting that Modon is currently in charge of eighteen industrial cities in around the Kingdom. In 2008, over five hundred land plots were designated for industrial cities and the three hundred more plots were added in 2009.
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