The agreement will see SR85 million ($22.6 million) invested in the developments (Shutterstock)

RIYADH, Broadcasting News Corporation : Some 84 factories will be built in Riyadh Third Industrial City under the terms of a deal struck by the Saudi Authority for Industrial Cities and Technology Zones, known as MODON, and MASIC Logistics. The agreement will see SR85 million ($22.6 million) invested in the developments, and is part of the authority’s efforts to cooperate with private sector entities in line with the Saudi Vision 2030 and Shareek program. MODON will allocate an industrial land plot spanning 80,749 sq. m. in Riyadh Third Industrial City with a ready factory space of 2,700 sq. m., according to the Saudi Press Agency. The program aims to develop partnership between the public and private sectors, and raise its contribution to the gross domestic product to 65 percent. Industrial cities currently have 1,000 ready factories, in which 95 percent of them are allocated for small and medium enterprises, entrepreneurs and women investors, according to Kosai Al-Abdulkarim, the director of marketing and corporate communications. He added that the ready factory space option varies between 700 to 1,500 sq. m. and other small spaces with areas of 350 sq. m.. In line with Saudi Vision 2030, MODON has lately inaugurated 58 ready factories spanning 2,700 sq.m. in Sudair Industrial City to stimulate the role of SMEs in the local economy. NEWS COLLECTED FROM ARAB NEWS.