MODON Signs Food and Beverage Agreements Worth $285 Million

Business

February 25th, 9:53am

Riyadh - Asharq Al-Awsat

Saudi Arabia continues to attract investments in the food industry. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a number of agreements to localize the food and beverage industry in the Kingdom, with total investments amounting to 1.07 billion riyals ($285 million). The announcement was made on the sidelines of MODON’s participation in the Gulfood exhibition in Dubai, where the authority revealed recent partnerships aimed at localizing the Kingdom’s food and beverage industry in line with Saudi Vision 2030 and the National Industry Strategy. A statement on Friday said MODON signed an agreement with the Jordan Valley Food Industries, Al-Bayrouty, to establish a factory in the Second Industrial City in Jeddah on an area of 15,000 square meters, with investments worth 50 million Saudi riyals for the production of grains and legumes. The Authority also signed an agreement with the Kuwaiti Danish Dairy Co. to build a 100,000 square meter factory in Sudair Industrial and Business City near Riyadh to produce a variety of food and beverages. MODON also signed an agreement with Siniora Food Industries, according to which the Authority will allocate a piece of land with an area of 25,000 square meters for long-term use in the second industrial area in Jeddah for Siniora to build a factory to produce all types of cold cuts and frozen meat. The estimated cost of this investment is about 140 million Saudi riyals, equivalent to USD37 million.

from Asharq AL-awsat https://english.aawsat.com/home/article/4178831/modon-signs-food-and-beverage-agreements-worth-285-million