The Saudi Authority for Industrial Cities and Technology Zones "Modon" and Tatweer Building Company (TBC), the state-owned company wholly owned by the Public Investment Fund (PIF), and the implementing arm of the Ministry of Education, signed a framework agreement for a strategic partnership.
The agreement signed by the CEO of MODON, Eng. Khalid bin Muhammad Al-Salem, and the CEO of TBC, Fahd bin Ibrahim Al-Hammad, requires managing the MODON's lands by TBC, driven by its sufficient experience in investment management of educational facilities across the Kingdom.
Under the agreement, TBC will manage the investment of the lands assigned to it by Modon, through contracting with investors to establish and operate educational facilities. This should be done by the architectural and operational standards approved by the Ministry of Education (MoE).
It is expected that the agreement will contribute to boosting job localization in the industrial sector, which provides a great work environment within the industrial cities, in line with MODON's efforts in this respect.
On this occasion, the CEO of MODON, Eng. Khalid bin Muhammad Al-Salem, welcomed the new cooperation, stating that this partnership agreement contributes to achieving MODON’s strategy to empower industry and enhance local production by creating an integrated service environment that meets the requirements of the private sector and all types of local and international investments that add value to the national economy in line with Saudi Vision 2030.
"This agreement will provide more necessary services and facilities such as schools, hospitality centers, and nurseries that help in job stability and support our partners’ production. It also empowers women's investments and encourages women to work in industry creatively comparable to its counterparts at the regional and international levels," he added.
Eng. Al-Salem stressed that the agreement comes in line with MODON's goals based on creating a successful public-private partnership (PPP) and providing all services and products that help create an integrated and sustainable industrial society. This includes providing investment lands and developing facilities and services in its industrial cities, such as banks, service facilities, commercial and residential centers.
Giving effect to this agreement, TBC was given a work order by MODON to manage the investment of establishing an educational facility in the First Industrial City in Jeddah, which includes 1,059 industrial and service contracts, which are running, and others are under construction.
Of great note, TBC started its business in the first quarter of 2013; TBC is mandated and entrusted with implementing the projects of the Ministry of Education, hence TBC is mainly tasked with providing a safe, high-quality, and advanced educational environment.
Since its inception in 2001, MODON has been interested in the development of integrated industrial land. It oversees 35 existing and under-development industrial cities in various regions of the Kingdom and its supervision of private industrial complexes. So far, MODON runs more than 4,000 running or under-construction facilities.