Saudi Arabia to attract $1bn investments to localize the food industries

RIYADH: The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has partnered with an undisclosed food company to attract investments worth up to SR4 billion ($1 billion).

The joint cooperation aims to enhance food security in Saudi Arabia, create new job opportunities and contribute to increasing the local content, according to the Saudi Press Agency.

In line with the Kingdom’s Vision 2030, this comes within the framework of MODON’s strategy to empower the industry and diversify the national economy. 

The new partnership includes allocating an industrial land plot spanning 50,000 sq. m. in Dammam 2nd Industrial City, to establish a factory with investments of over SR500 million, MODON’s spokesman said.

Qusai Al-Abdul Karim noted that MODON includes nearly 1,000 factories for food and beverage products, the majority of which are located in the western sector, with about 490 factories.