Investments in Saudi's textile industry exceed SR 4.1 bn: Modon CEO

01 Mar '23

2 min read

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The volume of industrial investments in textiles and fabrics within the scope of the Saudi Authority for Industrial Cities and Technology Zones (Modon) has exceeded Saudi riyal (SR) 4.1 billion (approximately $1.09 billion), according to Modon’s CEO Majed Al-Argoubi. The investments are spread across 125 industrial contracts in 19 industrial cities and cover more than one million square metres in total.

Al-Argoubi revealed these figures during the inauguration of the second edition of the Men's Fabrics and Accessories Exhibition, which is sponsored by Modon and held at the Riyadh International Convention and Exhibition Center for five days. The event aims to strengthen the industry in the sector, which has been witnessing significant growth in recent years.

The textiles and men's supplies sector is experiencing high growth in the Kingdom of Saudi Arabia, with most of its raw materials sourced locally. This makes the sector an attractive target for investments, as the Saudi leadership continues to support and facilitate investment in value-added projects, said Saudi media reports quoting Al-Argoubi.

Modon has also prepared advanced infrastructure and supporting logistical services, along with ready-made products and innovative solutions across the kingdom, to build factories in various sectors. This has contributed to the remarkable developments in the industrial sector in the kingdom.

Fibre2Fashion News Desk (DP)