JEDDAH: The Saudi Authority for Industrial Cities and Technology Zones and Oman’s Osara Corp. have partnered to jointly develop 52 ready-built factories in Jeddah.
Osara Real Estate Development and the Saudi organization MODON inked a deal to build an industrial park in Jeddah’s Second Industrial City that will cover more than 45,000 square meters.
According to the Saudi Press Agency, the project is in line with MODON’s objectives of luring international direct investment, developing strategic alliances, and assisting the Kingdom’s Vision 2030 and the National Industrial Strategy.
By 2030, the Kingdom wants to increase industrial exports to SR557 billion ($148.34 billion) and triple its manufacturing gross domestic output. Additionally, the nation wants to create tens of thousands of high-quality jobs, grow exports of advanced technology products by six times, and increase total investments in the industry to SR1.3 trillion.
Small and medium-sized businesses and entrepreneurs are empowered by the agreement between MODON and the Omani corporation. It is a big step in the direction of ambitions to give the private sector more influence over industrial growth.
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