Chinese corporates commit to $266mn investment in Modon
The Arab-China business conference in Riyadh highlighted a major commitment to national goals
The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted foreign direct investments worth US $266mn from Chinese companies based in industrial cities across the Kingdom.
The investors are all based in transformative industries and have a high focus on quality and innovation, said a top official from Modon.
This will help boost Modon’s contributions to the KSA gross domestic product (GDP) and also create more job opportunities, remarked Vice President of Business Development, Engineer Ali Al Omeir.
He was speaking on the sidelines of the 10th session of the Arab-China Business Conference which concluded on 12th June in Riyadh. Modon said that it had presented a working paper at the summit.
Engineer Ali Al Omeir added, “The Chinese investments in industrial cities are highly diversified, which is in line with national targets of the Saudi Vision 2030 programs and the objectives of the National Industrial Strategy.”
