Saudi Arabia’s Industrial Sector Sees Unprecedented Growth and Investment
MODON’s 2023 report reveals Saudi Arabia’s advancements in investment, industrial infrastructure, and sustainable development.
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The Saudi Authority for Industrial Cities and Technology Zones (MODON) announced a remarkable improvement in its 2023 annual report, underscoring the Kingdom’s strides in boosting investment, enhancing industrial infrastructure, and advocating for eco-friendly industrial progress. This aligns directly with the goals of Saudi Vision 2030.
The MODON report highlights a significant rise in overall investments, reaching SR14.45 billion ($3.9 billion) in 2023. There was a 63% jump in new investments, totaling 891 from both domestic and international sources. And remarkably, the volume of foreign investments increased by 85% compared to the previous year.
Infrastructure Development and Digitization
MODON stood out by winning the National Industrial Development and Logistics Program (NIDLP) Award for attracting the highest number of investments compared to other government bodies. It also clinched 34 awards on various levels, asserting its dominance in the fields of industrial and sustainable development.
The authority has been instrumental in expanding the developed land area within its industrial cities to over 209 million square meters, raising the number of factories to 6,443, and increasing the count of industrial, logistical, and investment facilities to 7,946. The ready-built factories in the Kingdom have also seen an increase, now totaling 1,301.
Efforts to improve services within these industrial cities have led to a 724 MVA increase in electrical capacity across several locations, and the introduction of 45,000 cubic meters of drinking water per day in Sudair City for Industry and Businesses and the Modon Oasis in Yanbu. It also launched sanitary and industrial sewage services in Sudair City and the Industrial City in Madinah, each capable of handling 15,000 cubic meters per day.
A significant part of the report was devoted to MODON’s drive for industrial transformation, launching the second phase of the National Productivity Program in line with the Future Factories Initiative. This initiative assesses and formulates transformation strategies for factories based on the international Smart Industry Readiness Index (SIRI), considering the adoption of Fourth Industrial Revolution technologies. In 2023, 239 factories were evaluated, with a goal to assess another 240 in 2024.
The report also highlighted MODON’s focus on digitization, achieving an 89.9% compliance with essential cybersecurity controls, facilitating 1.3 million data exchanges, and digitizing over 24,000 contracts. Its commitment to digital governance was evident, with an 85.77% adherence rate, showcasing its dedication to digital transformation initiatives.
Since its establishment in 2001, MODON now oversees 36 industrial cities, including six industrial oases, highlighting its expansive role across the Kingdom in managing both government and private industrial zones.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
