RIYADH: The Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON, has signed an agreement with business consultant Thiqah to build an electronic auction platform for industrial cities in the Kingdom, the Saudi Press Agency reported.
The agreement aims to enhance the competitiveness of the Saudi industrial sector, said MODON CEO Khalid Al-Salem.
An electronic auction using the platform ran from July 25 to Aug. 3, 2021, attracting 61 bids and more than 24 participants, he said.
Thiqah was launched in 2012 to provide smart solutions, business services and data services to its partners in the public and private sectors.
MODON was established in 2001 to develop and manage industrial cities and technology zones that enable sustainable growth in an optimal economic environment.
Property auctions are being hosted on emazad.sa.
The number of industrial cities in the Kingdom has risen by 120 percent in the last five years from 7,860 to nearly 17,000.
MODON supports the industrial sector with qualitative and value-added investments to diversify the national economy in line with the Kingdom’s Vision 2030, and the initiatives entrusted to it in the National Industrial Development and Logistics Program.
The NIDLP is focused on the 4th Industrial Revolution to generate ample employment opportunities for Saudi cadres, boost trade balance and maximize local content. The program focuses on four key sectors; industry, mining, energy and logistics. It also designs and provides a range of essential enablers that include developing appropriate systems, providing the required financing, developing infrastructure, industrial lands and private areas, and enhancing research and innovation.
MODON signed 10,300 investment contracts in 2020, Argaam reported.
The investment contracts were aimed to encourage the manufacturing sector and promote Saudi goods. The investments will also help create jobs in different industrial sectors in the Kingdom.
Saudi Arabia’s industrial sector is undergoing fundamental changes with the aim of achieving the aspirations and objectives of Vision 2030, which include more participation by women in the development process, as well as creating more opportunities in such a vital sector.