RIYADH: OSARA Corporation, through its subsidiary OSARA Real Estate Development - a leading Omani investment company that is part of Oman Investment Corporation SAOC - has signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to develop an industrial park in the Second Industrial City of Jeddah. This strategic partnership marks the start of an exciting new development, which will deliver the state-of-the-art ready-built factories, fostering business growth and supporting the Kingdom’s industrial expansion.
This project underscores OSARA Corporation's commitment to investing over SAR 1 billion in Saudi Arabia over the next five years. With a focus on developing cutting-edge logistics and industrial facilities, the company aims to contribute to the diversification of the economy, boost local manufacturing, and attract both regional and global businesses to establish and expand operations in Saudi Arabia. The development will play a vital role in driving industrial innovation, creating jobs, and stimulating economic growth as the region accelerates its journey to becoming a global industrial leader.
Eng Kalat Ghuloom al Bulooshi, CEO of OSARA Corporation, stated at the signing ceremony: “This project is a cornerstone of our commitment to the National Industrial Development and Logistics Programme (NDLIP). The impressive growth in the number of factories from 7,206 in 2016 to 11,549 in 2023, with an ambitious goal of reaching 36,000 by 2035, reinforces our confidence in the Kingdom’s industrial future. Our industrial park will serve as a key platform to attract businesses, both local and international, aligning with Saudi Vision 2030’s objectives to diversify the economy and generate employment opportunities. We are grateful for the support provided by MODON, which has facilitated our investment process, and we look forward to their continued partnership in achieving the vision of this project.”
The new facilities will support a diverse range of industries, with a focus on manufacturing, and will play a crucial role in enhancing Saudi Arabia’s industrial infrastructure. This development will contribute significantly to the Kingdom’s self-reliance and economic diversification, offering an attractive entry point for both small and medium-sized enterprises (SMEs) and large corporations. It is set to be a key driver of sustainable industrial growth in region.
This agreement reinforces OSARA Corporation’s strategic vision and ongoing commitment to the Saudi market. Through this project, the company continues to demonstrate its dedication to supporting the Kingdom’s industrial transformation and long-term prosperity, contributing to the growth of vital sectors in alignment with the region ambition.
OSARA Corporation, whose parent holding company Oman Investment Corporation SAOC is the developer of Khazaen Economic City, operates a diversified portfolio spanning logistics and industrial real estate, energy and infrastructure, and healthcare sectors. Through strategic investments and partnerships, OSARA Corporation aims to foster growth, empower local communities, and contribute to the economic diversification in the region.
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