Saudi industrial sector sees 63pc surge in new investments

RIYADH, Apr 08 (Arab News): Saudi Arabia's industrial sector experienced a 63 per cent increase in new investments in 2023, amounting to a SR15 billion ($3.99 billion) rise compared to the previous year.
According to the annual report from the Saudi Authority for Industrial Cities and Technology Zones, the cumulative funding last year reached SR415 billion, distributed across 891 projects encompassing both local and foreign ventures.
Notably, international inflows soared by 85 per cent compared to the previous year, underscoring the Kingdom's growing appeal as a prime destination for global investors.
The authority, also known as Modon, noted that the developed land area in these industrial cities now exceeds 209 million sq. m., accommodating 6,443 factories and 7,946 industrial, logistical, and investment establishments.
"We always take pride in creating success stories within and outside the authority; during 2023, Modon's teams managed to achieve success and manage over 7,900 industrial, investment, and logistical contracts, with growth nearly 10 per cent over 2022," Modon's CEO, Majed Al-Argoubi, stated in the report.
"In addition, there was an active movement for attracting and facilitating the journey of current and potential partners. Concurrently, the digital transformation index rose by 9 per cent to a rate of 85.77 per cent.