Saudi Arabia Secures SAR255 Million in Foreign Investments for Mining and Manufacturing Sectors

Saudi Arabia Secures SAR255 Million in Foreign Investments for Mining and Manufacturing Sectors

By Staff Writer, 13 January 2024

Saudi Arabia has successfully garnered SAR255 million (equivalent to $68 million) in foreign investments, focusing primarily on the mining and manufacturing sectors.

According to a report by the Saudi Press Agency (SPA) on Thursday (11/1), this influx of investments comes on the heels of contract allocations by the Saudi Authority for Industrial Cities and Technology Zones (MODON).

The contracts, which signify significant international collaboration, were inked with two prominent companies hailing from China and Egypt.

These entities have set their sights on establishing state-of-the-art factories within the industrial hub of Al-Kharj.

Notably, MODON stands as the pivotal entity overseeing Saudi Arabia's extensive industrial cities.

These cities are designed to accommodate a diverse range of industries, encompassing sectors such as cable manufacturing, glass production, stone, marble, granite, steel, aluminium sheets, ceramics, ready-mixed concrete, and a plethora of building materials.

While the specific identities of the companies remain undisclosed as per the report, the outlined plans provide a glimpse into their expansive visions.

One of the enterprises is gearing up to launch a production facility dedicated to primary iron products, covering an expansive area of 58,800 square kilometres.

Concurrently, the other company has earmarked a substantial 28,747 square kilometres to establish a cutting-edge manufacturing facility specializing in marble and granite tiles.

Highlighting the upward trajectory of the sector, MODON reported a notable 4.3% surge in the establishment of mining and manufacturing facilities throughout Saudi Arabia in the year 2023.

These burgeoning plants predominantly found their roots in strategic industrial cities across Riyadh, Jeddah, Dammam, and notably, Al-Kharj.

Cleofe Maceda / Zawya

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