MODON and GE Unveil $346 Million Manufacturing Technology Center in Dammam

MODON and GE Unveil $346 Million Manufacturing Technology Center in Dammam

By Staff Writer, 05 March 2024

Dammam is set to welcome the inauguration of the General Electric Manufacturing Technology Center, following the recent signing of an agreement between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the US multinational conglomerate GE.

The agreement, valued at SR1.3 billion ($346 million), paves the way for the operation of this cutting-edge complex sprawling over an expansive area exceeding 119,000 square meters.

MODON, in a statement, highlighted that the collaboration reflects its commitment to fostering industrial cities and technology zones in alignment with national priorities, fostering partnerships with both public and private sectors.

This landmark deal underscores MODON's concerted efforts to strengthen ties with leading global manufacturers and companies, leveraging advanced technologies to bolster the Saudi industrial landscape.

In line with the National Industrial Strategy, the initiative aims to expedite diversification within the manufacturing sector, boost non-oil exports, stimulate privatization endeavors, attract foreign investment, and bolster funding for innovation and research while creating numerous employment opportunities.

This isn't the first collaborative effort between MODON and GE.

Back in 2023, the two entities joined forces, with GE factories spanning 120,000 square meters in the Eastern Region coming under MODON's purview.

Through such strategic partnerships, MODON seeks to play a pivotal role in empowering the industry, with a vision to elevate the private sector's contribution to Saudi Arabia's GDP to an impressive 65 percent.

Source: Arab News

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