Modon signs agreement for supervision of Rabigh Industrial City

According to the agreement, Saudi Industrial Property Authority (Modon) undertakes the supervision of Rabigh Industrial City spread over a total area amounting approximately to two million four hundred thousand square meters (2,400,000 m²2), where Modon shall oversee the leasing of lands to tenants at incentive rental fee for the establishment of their industrial, commercial, service or residential investments.

The agreement was signed by H.E Dr .Tawfig Bin Fawzan Alrabiah, the Director General of Saudi Industrial Property Authority (Modon) and Mr. Ziad Allaban, the President and Chief Executive Officer and Chairman of the Board, attended by Abdulaziz Al-Khayal and the Special Envoy of the Japanese government, Mr. Taatsundu Iwakuni in the presence of the President of (Saudi Aramco) and its chief Executive Officer Mr. Khalid Al Faleh in addition to Mr. Hiromasa Yonekura, the President of the Company (Sumitomo Chemical of Japan). The ceremony was also attended by a number of ministers and members of the private sector, businessmen and investors.

Both the Saudi Aramco and Rabigh Administrative Services Company are the developers who developed the infrastructure of the city, noting that both the Saudi Aramco and the Japanese Sumitomo Chemical Co. Ltd. have agreed with the Ministry of Petroleum and Mineral Resources in Saudi Arabia to develop the industrial zone located in the city of Rabigh to serve the tenants working in the manufacturing/conversion industries of petrochemical products and other industries.

This blessed project comes within the endeavor of those who are in charge of the project in the Ministry of Petroleum and Mineral Resources, Saudi Aramco Company, Petro Rabigh and the Saudi Industrial Property Authority (Modon) to achieve the common goals of:
• Contribution to the economic development of the Rabigh Area.
• Diversification of the industrial base in the Kingdom.
• Production of products meeting the added value.
• Creation of jobs for skilled workers.

The industrial city will include plastic industries and accommodates about 50 factories which will provide no less than five thousand jobs.

The agreement is a strong indicator for the growth of demand for the industrial land and companies' trust in "Modon" due to its experiences in the management and operation of more than 18 industrial cities spread throughout the Kingdom.