Commerce and Industry Minister Tawfiq Al-Rabiah has opened a number of ready-to-go factories in the Second Industrial City of Riyadh to encourage Saudis to carry out small-scale industrial projects.
Saleh Al-Rasheed, director general of Saudi Industrial Property Authority (MODON), disclosed plans to establish 50 such factories in four industrial cities — Riyadh, Dammam, Sudair and Hail — in the first phase.
“We have rented all the new factories in Riyadh and Dammam,” Al-Rasheed said. Plans are underway to establish 200 similar factories in Jeddah, Asir, Tabuk and Al-Kharj.
“These factories will ensure balanced regional growth and encourage young Saudis to start small and medium projects,” he said.
Meanwhile, the Saudi Industrial Development Fund approved 14 loans worth SR 587 million to establish nine new projects and expand five others involving a total investment of SR1.13 billion, the fund said.
Ready-to-go factories open in Riyadh
