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FINANCIAL NEWS
Saudi MODON inks USD4m industrial city deal
18 Dec 2011
(MENAFN) The Saudi Industrial Property Authority (MODON) said that it inked a USD4 million deal to set up an industrial city in Hafr Al-Batin, reported Arab News.
MODON added that the location would offer lots of economic advantages including logistics since the area was considered a conjunction point for visitors from the GCC, Jordan, Syria and Lebanon, moreover, the governorate is also considered as livestock trading center, which would guarantee a resource for several industrial and logistical projects related to the meat, fodder and textiles.
It also said that the first phase of the project would span over an area of 100 million square meters, moreover, it would be located 95 km away from the Kuwaiti border.
It is worth noting that MODON’s existing industrial cities accommodate more than 3,000 plants with investments beyond USD66.6 billion.
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