The Saudi Authority for Industrial Cities and Technology Zones ( MODON) has signed a SAR 500 million contract with Navid to develop infrastructure networks in the Third Industrial City of Dammam.
The project aims to provide 2.5 million square meters of investment land to meet the growing demand for industrial investment in the Eastern Province. It will also support emerging industries targeted for localization, in collaboration with both local and international private sectors, aligning with the objectives of the National Industrial Strategy.
This partnership is part of MODON’s vision to become the prime destination for investment growth and the leading partner in the industrial ecosystem, in line with the goals of the National Industrial Strategy and Saudi Vision 2030. Under the contract, Watad will play a pivotal role in enhancing the industrial business environment and promoting sustainable growth within the Kingdom.
Navid’s Role and the Contract’s Impact on the Future
Navid, a subsidiary of Watad, will significantly contribute to developing the infrastructure needed to support various industrial sectors. This substantial investment is not only a step towards enhancing infrastructure but also a direct effort to create an integrated industrial environment that fosters innovation and efficiency.
The expansion of investment lands will allow companies to tap into new opportunities, bolstering the competitiveness of the industrial sector in the Kingdom. This initiative is aligned with global trends in sustainable development and the adoption of advanced technologies in industries.
Impact on the Local Economy
The project is expected to strengthen the local economy by increasing investments and generating new job opportunities. The development of the Third Industrial City in Dammam will enable businesses to benefit from a modern work environment equipped with the latest technologies, facilitating future growth and expansion plans.
Through this, Navid is contributing to the industrial sector and driving economic growth in the region, supporting the goals of Saudi Vision 2030 and reinforcing the Kingdom’s position as a leading investment destination in the region.