The annual report for 2023 has been released by the Saudi Authority for Industrial Cities and Technology Zones (MODON), highlighting their significant accomplishments, notable projects, initiatives, and development endeavors aimed at achieving sustainable industrial development and attracting both local and foreign investments. These efforts align with the goals set forth in the National Strategy for Industry and Vision 2030.
One of the noteworthy achievements mentioned in the report is MODON receiving the “Most Attractive Destination for Investments Award” in 2023. This recognition was bestowed upon MODON for successfully attracting local and international investments totaling SAR 14.45 billion ($3.85 billion) and facilitating the localization of several high-quality investments.
Read more: Foreign, joint investments in Saudi industry surpass $144.49 billion
The report also highlights a substantial increase in both local and foreign investments. Specifically, there was a 63 percent rise in new local and foreign investments, with foreign investments experiencing an impressive 85 percent growth compared to the previous year (2022).
MODON has disclosed its plans for the second phase of the National Productivity Program, which aligns with the objectives of the Future Factories Initiative. This phase involves the evaluation and formulation of transformation plans for 239 factories, utilizing the international “Siri” index to assess the extent to which these establishments have adopted Fourth Industrial Revolution applications.
Furthermore, looking ahead to 2024, MODON has set its sights on evaluating an additional 240 factories as part of their ongoing efforts.
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