In a presentation before a number of French investors, the Saudi Commission for Industrial Cities and Technological Areas (Modon) disclosed that the rate of industrial cities in Saudi Arabia increased from one every two and half a year to three in average annually. In a report before the Saudi French Business Opportunities Forum, held at Retz Carlton hotel in Riyadh, Eng. Tariq Al-Shohaib, the Director of Business Development Department at Modon, said the organization is developing nearly 20 million sq.meter annually, bringing to nearly 178 million sq.m. the areas developed by the end of 2014, noting that there are more than 500 factories being constructed annually whose total number is expected to overpass 5900 factories. He also disclosed that nearly %59 of the operating plants in the Kingdom are located in industrial cities supervised by Modon, drawing the attention that each Saudi Riyal being invested in developing industrial cities returns nearly 50 folds and that each one billion Saudi Riyal invested by Modon in infrastructure projects has pumped more than 8700 jobs for Saudi nationals. He gave an account on the incentives offered by Modon for entrepreneurs, including the support for enhancing pioneer opportunities among young business females and males. The number of industrial cities supervised by Modon has doubled over the last few years at a rate of %145 from 14 industrial cities only in 2007 to 34 by the end of 2014.
