4 days ago
MODON Signs Promising Deal with Moscow Government
The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a memorandum of understanding (MoU) with the Department of Entrepreneurship and Innovative Development of the City of Moscow Government, according to the Saudi Press Agency.
The deal seeks to promote joint investment opportunities and exchange of expertise and knowledge between both Saudi Arabia and Russia.
In line with Saudi Vision 2030, the agreement will further boost industrial integration, develop industrial cities and technical zones, as well as empower entrepreneurship and innovation.
Therefore, the MoU perfectly aligns with the National Industrial Strategy that aims basically to create a promising industrial and productive environment combining incentives for industrialization, innovation and entrepreneurship.
By leveraging from successful international experiences, this cooperation will solidify the Kingdom's position as a global industrial and technological hub and support the transformation towards a sustainable and diversified economy.
The deal was signed under the auspicious of Minister of Industry and Mineral Resources and MODON Board President Bandar Alkhorayef as part of his official visit to Moscow.
After launching Vision 2030, the Kingdom has taken serious steps to end its dependency on oil and unleash new horizons of diversified economy.
The Kingdom's comprehensive road map for economic development and diversification has singled out the mining sector as the potential third 'pillar' of the industry after petroleum and petrochemicals.
The Ministry of Industry and Mineral Resources has brought together its visions and objectives under the umbrella of the National Industrial Development and Logistics Program (NIDLP).
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