The Saudi Authority for Industrial Cities and Technology Zones (MODON) and the General Authority for Military Industries (GAMI) have announced the launch of strategic cooperation, aiming to encourage the localization of military industries in the Kingdom.
The cooperation supports the localization of 50 percent of the expenditure in military industries through Vision 2030, making it an important pillar for economic development, increasing its contribution to local products and opening job opportunities for Saudis.
Through this cooperation, the two parties will seek to guide licensed investors toward targeted fields in Saudi industrial cities affiliated with MODON, who will provide incentives to investors.
The two parties will also work on providing industrial constellations for the targeted military sectors in the industrial cities as well as options for investors to support the establishment and empowerment of the project and ensuring its expansion, sustainability and development.
GAMI Gov. Ahmed bin Abdul Aziz Al-Ohali confirmed that cooperation with MODON came in line with GAMI’s efforts to make the sector one of the main contributors to the national economy.
“This strategic cooperation will support the authority’s endeavor to empower local and international manufacturers, by providing the right investment environment to build the Kingdom’s industrial capability,” he said.
For his part, Khalid bin Mohammed Al-Salem, the director general at MODON, pointed out that cooperation with GAMI aimed at increasing the contribution of the sector to the gross domestic product, an important part of Vision 2030.
Since its inception in 2001, MODON has been interested in the development of integrated industrial land. It oversees 35 existing and under-development industrial cities in various regions of the Kingdom, in addition to its supervision of private industrial complexes.
So far, the total area under MODON’s control exceeds 198.8 million square meters, comprising 3,474 facilities.