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FINANCIAL NEWS
Saudi MODON to establish 40 industrial cities in four years
15 Aug 2011
(MENAFN) The Saudi Industrial Property Authority’s (MODON) Director General, Tawfiq bin Fawzan Alrabiah, said that within four years, the authority would establish 40 industrial cities across the country, reported Arab News.
Alrabiah added that since 2007, MODON created 22 industrial cities that worth more than USD1.8 billion; moreover, the increase in the number of these developments resulted from the growing demand from local and international industrialists in the Kingdom.
He also said that the government provided investors with a number of incentives, including a nominal rent for industrial lands, provision of water and energy at subsidized rates, granting of loans of up to 50 percent of the capital, in addition to custom duty exemption for machinery and raw materials.
It is worth noting that MODON plans to establish a third industrial city in the south of Riyadh at a cost of USD6.5 million. The city will include 120 plants that will span over an area of 1 million square meters and it will create jobs to Saudis as well as to non-Saudi.
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