Riyadh, February 11, 2024, The Saudi Authority for Industrial Cities and Technology Zones (MODON) has successfully attracted new investments totaling SAR130 million, earmarked for the localization of military aircraft industries, including drones, as well as the provision of repair, maintenance, and overhaul services for ships.
Securing such investments aligns with MODON's strategic objectives, aiming to foster investment opportunities within industrial cities for prominent local and international companies. In pursuit of this goal, MODON has executed two significant contracts, each involving the allocation of fully completed factories spanning 700 square meters, with a combined investment of SAR50 million. These factories will specialize in the manufacturing of military aircraft, aircraft parts, and drones.
Additionally, MODON has inked a contract for the allocation of 3,000 square meters of land designated for logistics purposes, representing an investment of SAR30 million. This endeavor will focus on the repair, maintenance, and overhaul of ships, military vessels, and boats. The contract also encompasses services for spare parts of military vehicles, aircraft, and ships, along with water filtration devices, ship and train engines, and valves.
Furthermore, MODON recently participated in the second edition of the World Defense Show 2024, held from February 4-8 in Riyadh. This participation underscores the authority's commitment to fostering growth and innovation within the defense sector.
According to MODON, investing in its 36 industrial cities across the Kingdom offers numerous advantages, including access to a skilled labor force, advanced infrastructure, and comprehensive logistical solutions. These factors collectively contribute to the establishment of a competitive and sustainable industrial economy, further enhancing Saudi Arabia's position in the global industrial landscape.