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 SIDF and Modon Sign “Land and Loan” Product MOU

Saudi Press Agency (SPA)
Saudi Industrial Property Authority “MODON” and Saudi Industrial Development Fund signed today a memorandum of understanding to enhance cooperation and integration in supporting the industrial ecosystem through joint action, to provide a number of products and services that meet the needs of industrial investors. The event was attended by Eng. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources.

The memorandum included the activation and support of the (land and loan) product, which allows the investor to apply for industrial land and loan together, as a standard industrial package.

Al-Falih said the memorandum comes within the industrial integration ecosystem to develop and improve performance in the sector and help it to take its role as a key pillar in the future development of the Kingdom. He also stressed that the industrial ecosystem will integrate, overcome the obstacles facing the sector, push industrialization towards overall quality and enhance the standards and services provided to industrialists and investors.
The land and loan is the first product of the MoU signed by the General Manager of MODON, Eng. Khalid Mohammed Al Salem and the Director General of the Fund, Dr. Ibrahim Al-Mojel, to unify the application procedures for industrial lands and loans. This is to facilitate and ensure fast procedures to save time and effort and reduce financial burdens on industrial investors such as rent, industrial land allocation, as well as billing method.
The MOU aims at enhancing cooperation between the two parties to continuously provide an attractive industrial environment and encourage investors and entrepreneurs to enter the industrial and logistic fields to achieve the aspirations of the industrial sector and the public interest in line with the National Transformation Program 2020 and Vision 2030.

It is worth noting that the MoU between Modon and the Fund also provided support for industrial clusters and non-industrial projects, initiatives and products of entrepreneurs, automation of procedures and addition of other services to the "Loan and Land" product such as issuance of industrial license and non-borrowing certificate, which allows investors to follow all requirements of their industrial projects through a single contact.

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