Saudi’s Modon equips mining industries with $68mn foreign investments

Saudi’s Modon equips mining industries with $68mn foreign investments

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has enhanced the activity of the mining and manufacturing industries by attracting foreign investments amounting to $68 million. This was achieved by allocating developed lands covering an area of 87,547 sq km in the industrial city of Al-Kharj. This development happened during MODON’s participation in […]The Saudi Authority for Industrial Cities and Technology Zones (MODON) has enhanced the activity of the mining and manufacturing industries by attracting foreign investments amounting to $68 million.

This was achieved by allocating developed lands covering an area of 87,547 sq km in the industrial city of Al-Kharj. This development happened during MODON’s participation in the third edition of the Future Minerals Forum at the Riyadh-based King Abdulaziz International Conference Center.

The new investments included the signing of allocation contracts with two companies, one Chinese and another Egyptian, aiming to establish two factories. One of them has an area of 58,800 sq km for the production of primary iron products, and the other has an area of 28,747 sq km for manufacturing marble and granite tiles.

MoUs signed

During the forum, MODON signed two memoranda of understanding (MoUs);

The first was the Saudi Geological Survey for collaborative research projects