RIYADH: Saudi Arabia’s industrial sector experienced a 63 percent increase in new investments in 2023, amounting to a SR15 billion ($3.99 billion) rise compared to the previous year. According to the annual report from the Saudi Authority for Industrial Cities and Technology Zones, the cumulative funding last year reached SR415 billion, distributed across 891 projects encompassing both local and foreign ventures. Notably, international inflows soared by 85 percent compared to the previous year, underscoring the Kingdom’s growing appeal as a prime destination for global investors. The authority, also known as Modon, noted that the developed land area in these industrial cities now exceeds 209 million sq. m., accommodating 6,443 factories and 7,946 industrial, logistical, and investment establishments. “We always take pride in creating success stories within and outside the authority; during 2023, Modon’s teams managed to achieve success and manage over 7,900 industrial, investment, and logistical contracts, with growth nearly 10 percent over 2022,” Modon’s CEO, Majed Al-Argoubi, stated in the report. “In addition, there was an active movement for attracting and facilitating the journey of current and potential partners. Concurrently, the digital transformation index rose by 9 percent to a rate of 85.77 percent, according to a continuous improvement journey for internal procedures tailored for partners and stakeholders,” he added. The report also revealed a 13 percent growth in new manufacturing establishments, along with a 6 percent increase in the number of producing factories. Furthermore, there are 1,301 ready-to-use factory units and facilities, signifying a significant expansion in the Kingdom’s industrial infrastructure. This growth reflects the nation’s growing economic dynamics and its successful push toward manufacturing and technological advancement. The authority also inaugurated the Modon Oasis in Yanbu and a new industrial city in Asir last year. Additionally, it completed 48 development projects, with a total investment exceeding SR1.3 billion. Moreover, the government agency executed 260 ready-made factories in strategic industrial locales across the Kingdom, with significant private sector involvement, aligning with the Saudi Arabia National Industrial Development and Logistics program. The strategy aims to bring supply chains closer to the domestic economy, reducing costs and boosting sustainability. Further enhancing the operational capacity of these industrial zones, Modon introduced significant upgrades in utility services. This included the addition of 724 maximum fuse amps of electrical capacity and the expansion of potable water and wastewater services. These upgrades bolster the infrastructure to support increased industrial activity. The report also highlighted Modon’s commitment to digital transformation and cybersecurity. It showcased a high level of compliance with information security controls and a substantial number of data exchange operations, reflecting the authority’s dedication to modernizing and safeguarding its industrial sectors. Established in 2001, Modon plays a pivotal role in shaping Saudi Arabia’s manufacturing landscape. It oversees 36 industrial cities and various technological oases across the nation, aligning with the Kingdom’s Vision 2030 to diversify its economy and enhance its global industrial standing.