Saudi Arabia’s industrial sector has seen a 281 percent jump in investment in the last 12 months, global property consultant Knight Frank said in a press release on Sunday, citing the company’s H1 Saudi Arabia Industrial Market Review.
“The government’s transformational vision for the economy is nowhere more visible than in the real estate market, with the industrial market in particular emerging as a stand-out performer,” the head of Middle East Research at Knight Frank, Faisal Durrani, said.
“Indeed, the 281 percent jump in industrial sector investments in the last 12 months has delivered a staggering 30,000 new jobs across the Kingdom,” he added.
According to the press release, the growth in Saudi Arabia’s industrial sector has been supported by initiatives led by the Saudi Authority for Industrial Cities and Technology Zones, known as MODON.
MODON offers ready warehouses, self-storage units and financing solutions to small and medium enterprises and entrepreneurs. It has also developed and managed 36 industrial cities around Saudi Arabia, spread across more than 200 million sqm of developed land.
“While the government’s economic initiatives have been a catalyst for the growth in the industrial sector, the pandemic has played an equally significant role,” the head of Middle East Research at Knight Frank said.
“The shift to online shopping has driven a surge in requirements for modern distribution facilities, built to international specifications, which remain in very short supply,” Durrani added.