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FinancialNews
26-02-23
Food output agreements valued at USD290M inked by KSA’s industrial city authority in Vision 2030 targets
(MENAFN) The Saudi Authority for Industrial Cities and Technology Zones, recognized as MODON, issued that in 2022 it inked an amount of deals, valued at an overall worth of SR1.69 billion (USD285 million), as reported by the Saudi Press Agency.
The declaration was made throughout the Gulfood exhibition in Dubai, where the authority highlighted latest cooperation targeted at localizing the nation’s food and beverage sector along with Saudi Vision 2030’s National Industry plan.
MODON inked a SR50 million deal with Jordan Valley Food Industries Co. to establish a factory in Jeddah’s 2nd Industrial City to output grains and legumes. In the same industrial city, it also accepted to improve a factory for frozen meat output valued at SR140 million with Siniora Food Industries Co.
Additionally, the authority inked an SR375 million deal with the Kuwaiti Danish Dairy Co. to establish a 100,000 square meter factory in Sudair Industrial and Business City close to Riyadh to output a large number of food and beverages.
MENAFN26022023000045014228ID1105646127
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