Saudi Minister of Commerce and Industry and Chairman Board of Directors for Saudi Industrial Property Authority (Modon) Dr. Tawfig Al-Rabiah, accompanied by Acting Director General of Modon Engr. Saleh bin Ibrahim Al-Rasheed and a delegation of Modon department heads, during the inauguration of new facilities of existing factories at Riyadh 2nd. Industrial City. JEDDAH – The sustained economic growth in Saudi Arabia augurs well for heightened pace of investment in various sectors, particularly the industrial sector. Saudi Minister of Commerce and Industry and Chairman Board of Directors for Saudi Industrial Property Authority (Modon) Dr. Tawfig Al-Rabiah confirmed that there is a significant demand for industrial investment in the Kingdom, and that the government of King Abdullah, Custodian of the Two Holy Mosques, has given due attention to the industrial sector. Al-Rabiah added that the Kingdom has always sought to support the industrial sector and provide incentives for investment in the Saudi industry, noting that the industrial cities in the Kingdom have attracted leading industrial projects in several areas. He made the observation during the inauguration a number of factories' expansion projects in Riyadh 2nd. Industrial City on Wednesday. One among these is a new factory for International Refreshment Co. Ltd. (Tropicana), which produces drinks and juices and an area of 50,000 m². He also inaugurated the expansion projects of Al-Jeraisy Furniture Industries, producing office furniture, leather and wooden seats located on an area of 45,000 square meters having a total investments of SR65 million; Saudi Ceramic Co., which manufactures ceramic, while the factory's other products are geezers and sanitary ware. The total investment amounted to SR375 million in the production of wall tiles and flooring and porcelain in various sizes, sprawled in a 270, 000 square meter area. A new plant of Abdullatif industrial Investment Co., which produces furniture, carpets, rugs, carpet yarn and blankets, located on an area of 84,000 square meters was also inaugurated. It is a joint stock company with a capital of SR825 million. Al-Rabiah also visited the Higher Institute for Plastic, a training center for Saudis to produce plastics on an area of 60,000 square meters; Eastern Packaging Factory, which produces plastic products and packaging bags on an area of 32,500 square meters. The total volume of investments in the factories is SR300 million with export to 76 countries and an export ratio of 70 percent. He was accompanied in his tour of the facilities by Acting Director General of Modon Engr. Saleh bin Ibrahim Al-Rasheed and a delegation of Modon department heads. Al-Rasheed emphasized that the Riyadh 2nd. Industrial City, established in 1976, aimed to cater to the growing demand for industrial lands in Riyadh. The industrial city has been developed in four stages on an area of more than 18 million square meters, noting that the industrial city currently includes international factories, including ABB for electrical industries and automatic control devices; and Henkel Saudi Arabia for Detergents. He invited investors to exploit the facilities and take advantage of the incentives in the industrial cities throughout the Kingdom, stressing that these industrially-promising cities are still contributing to ending the waiting lists for industrial lands and have provided the attractive infrastructure to businessmen who have contributed, with their projects, in a balanced development in the promising cities. The incentives in the industrial cities are unique, since the investor can rent industrial land for extended periods from SR1 per square meter per year, and have access to financial facilities and government loans of up to 75 percent and avail of customs exemption for machinery and equipment and raw materials used in industry. The land is handed over in a short period of time from the date of submitting the application electronically through MODON website. He added that these projects will work on the development of industrial projects and will provide support and career opportunities for the residents of the Kingdom. — SG
