The Saudi Industrial Cities and Technology Zones Authority (MODON) and the Ministry of Municipal and Rural Affairs and Housing (Wafi) have signed a joint cooperation agreement to enhance cooperation in the field of real estate development for the industrial sector.

The CEO of MODON, Eng. Khaled bin Mohammed Al Salem, emphasized that the cooperation agreement between the two parties is a qualitative leap on the path of enhancing the role of the private sector in industrial development, in accordance with MODON's strategy to enable industry and contribute to increasing local content, in line with the Kingdom's Vision 2030.

For his part, Engineer Abdulaziz bin Mohammed Almuhaimeed, Chairman of Wafi Off-plan Sale or Leasing Committee, explained that this agreement came to enhance the efficiency and productivity of industrial real estate projects by establishing coordination procedures to facilitate the issuance of off-plan licenses and project completion procedures between Wafi and MODON, within the framework of achieving the objectives of the Kingdom's Vision 2030 and its executive programs.

Modon pointed out that the cooperation between the two parties includes incentivizing developers to invest in private industrial cities and complexes that are licensed and supervised by Modon, providing additional products for industrial investors, governance of off-plan development and sale or lease operations to support developers, as well as licensing the sale or lease of real estate units on the map.

Modon indicated that the cooperation between the two parties includes incentivizing developers to invest in private industrial cities and complexes that are licensed and supervised by Modon.

The cooperation includes projects that are being created according to the off-plan development system, activating the benefits of land development through updated tracks such as residential land division schemes (third track) for industrial real estate projects, in addition to joint coordination to facilitate off-plan licensing procedures and project completion procedures between the two parties.

The cooperation includes projects that are being created according to the off-plan development system.

She explained that the agreement will facilitate electronic linkage, licensing procedures and completion of off-plan projects, and issue the necessary licenses for real estate institutions or companies to engage in off-plan sales activity after meeting the necessary requirements.

It is noteworthy that MODON supervises 19 private industrial parks and cities, as part of its endeavor to establish an investment environment that achieves ease of doing business for its industrial partners, and to this end it works to strengthen its partnerships with the public and private sectors in order to attract value-added investments to the industrial sector to improve its role in the economic development of the Kingdom.

Modon is responsible for supervising 19 private industrial parks and cities.