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MODON increases rents by 100%

The Saudi Industrial Property Authority (Modon) is set to raise by 100% the rent for land at industrial cities from the beginning of next Hijrah year (November 4), Arab News has reported, citing an industrial source. The rents would see an eventual increase of 400% after three years, the source said. The move aims to improve the services extended by Modon to industries and meeting the cost of infrastructure projects at industrial cities.