Arab News, Wednesday, Mar 01, 2023 | Sha'ban 09, 1444
Saudi textiles industry investments exceed $1bn: MODON CEO
Saudi Arabia:
With the industrial sector in Saudi Arabia going
through massive developments, the Kingdom’s textiles and fabrics industries have
recorded over SR4.1 billion ($1 billion) worth of investment, revealed the CEO
of the Saudi Authority for Industrial Cities and Technology Zones.
Majed Al-Argoubi said this funding has been
distributed over 125 industrial contracts in 19 industrial cities, covering a
total area of more than one million sq. m, reported Saudi Press Agency.
Also known as MODON, the government body is
responsible for the development of fully integrated service industrial lands to
the highest standards, and the agency currently oversees 35 existing and under
development industrial cities in various regions of the Kingdom, in addition to
supervising private industrial cities.
According to Al-Argoubi, the textiles and men's
supplies sector is experiencing high growth in the Kingdom. As most of its raw
materials are sourced from Saudi Arabia, he said this makes it an attractive
sector for investments.
Al-Argoubi added that the industrial sector in the
Kingdom is going through remarkable developments, thanks to the support and
facilitation provided by the Saudi leadership to invest in value-added
projects.
The CEO shared these details at the inauguration
of the second edition of the Men's Fabrics and Accessories Exhibition at the
Riyadh International Convention and Exhibition Center. Sponsored by MODON, the
five-day event aims to strengthen the industry in this sector, which has been
witnessing significant growth in recent years.
Currently, MODON's developed industrial lands
exceed 1,988 million sq. m. The existing industrial cities include 3,474
productive factories, in addition to 6,190 industrial, service and logistic
contracts, and more than 435,000 employees.
MODON has also prepared advanced infrastructure,
supporting logistical services, and several ready-made products and innovative
solutions in all regions across the Kingdom and different areas to build
factories in various sectors.
Earlier this month, MODON revealed that it will
establish, develop and operate 14 warehouses in Jeddah 1st Industrial City.
The new warehouses will be based on smart
automated systems to provide quick and temporary logistical solutions to support
industrialists and entrepreneurs as well as stimulate investment in the retail
sector.
The project involves the construction of fully
digital and automated warehouses that do not need human intervention, using the
latest technology and equipment that provides access to storage units via a
smartphone app.
The warehouses will be operated based on the
public-private partnership model, which is expected to enhance quality standards
and operational efficiency of services and products and stimulate investment.