Saudi, US business ties set to reach new heights after high-level meeting

Saudi, US business ties set to reach new heights after high-level meeting
Saudi, US business ties set to reach new heights after high-level meeting

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Jeddah - Yasmine El Tohamy - Industrial private sector investments in Saudi Arabia more than double to reach $1.8bn

RIYADH: Private sector investments in Saudi Arabia’s industrial field more than doubled in the first quarter of 2024, surpassing SR7 billion ($1.8 billion), according to official data. 

This marks a significant increase from the SR3.34 billion recorded during the first quarter of 2023, according to a report released by the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON.  

The report revealed a substantial rise in the number of constructed factories, reaching 6,683 in the first three months of 2024 compared to 5,894 in the same period last year. 

Moreover, the total number of logistics contracts surged to 367, up from 223 in the first quarter of 2023.  

The report also highlighted a significant growth in industrial contracts, with 276 agreements issued by end of March, nearly doubling the figures from the first three months of 2023.  

Jeddah Third Industrial City led in contract issuance with 76 agreements, followed by Al Kharj Industrial City with 47. Sudair Industrial and Business City recorded 20 contracts, while Dammam Third Industrial City and Dammam Second Industrial City had 18 and 16 agreements, respectively. 

Furthermore, the total regulatory visits conducted in industrial cities during the first quarter amounted to 1,867, underscoring MODON's rigorous oversight.  

In terms of sectoral distribution, food industries secured the highest number of contracts in the first quarter of 2024, constituting 24 percent of the total. They were followed by mining at 12 percent, rubber products industries at 12 percent, chemicals at 8 percent, and electrical equipment at 7 percent. 

Additionally, the number of food factories operating in the Kingdom reached 1,300, indicating the country’s expanded capacity in the sector. This underscores its commitment to the “Food Industry Localization” initiative, aimed at enhancing productivity, local production, and quality. 

These figures come as MODON prepares to engage as a strategic partner in the inaugural Saudi Food Manufacturing Show.   

Scheduled from April 30 to May 2, at Riyadh Front, the event will be under the patronage of the Minister of Industry and Mineral Resources Bandar Al-Khorayef.  

MODON plans to showcase its products, services, and comprehensive solutions for the food industry at the show, targeting investors, small and medium enterprises, and entrepreneurs.   

This effort is aligned with MODON’s role in the National Industrial Development and Logistics Program, aimed at fostering sustainable growth and enhancing value chains.  

The show is expected to host 500 participants from around the globe, including ministers, officials, and industry leaders, as well as CEOs, investors, and experts.

It will feature discussion panels, workshops, and exhibitions, providing a vital platform for displaying the latest in services, products, and solutions for the food industry and its supportive sectors. 

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