The conclusion of a cooperation agreement between Asharqia Chamber and (Modon) to support the industrial investment of women

On Wednesday April 3, 2019, Asharqia Chamber, represented by the Executive Council of Women Entrepreneurs concluded a Cooperation Agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon) in order to enable women to invest in the industrial sector and the establishment of industrial clusters of women in industrial cities auch as beauty industry, fashion and so on.

The agreement was signed by the Secretary of Asharqia Chamber Abdulrahman bin Abdullah Al Wabel and Director of the Department of Business Recycling in “Modon” Ali Al-Amir on behalf of the Director General of the Saudi Authority for Industrial Cities and Technology Zones (Modon) Engineer Khalid bin Mohammed Al Salem.

The agreement stated that the Chamber shall provide “Modon” with documents and information pertaining to any industrial group such as “beauty group” in order to actually study and activate the project, which is including the transfer of global knowledge in this regard.

The Director General of the Saudi Authority for Industrial Cities and Technology Zones “Modon” Engineer Khalid bin Mohammed Al Salem said that the agreement with Asharqia Chamber comes within the framework of Modon’s strategy to strengthen its relations with its partners and meet their requirements in creating an investment environment conducive to women’s industrial investments in the Kingdom, where the agreement aims to cooperate in supporting business leaders to invest in the industrial sector and encourage investors to exploit their capital in industrial projects that achieve economic diversification according to the Vision of the Kingdom 2030.

Al-Salem said Modon would be involved in providing the necessary infrastructure and sites for the establishment of specialized industrial clusters as a collection of cosmetics and fashion.

He added, “We will also explore the possibility of creating new products that will be adapted to what Asharqia Chamber will do with the technical and logistic feasibility studies that support the establishment of these specialized industrial clusters and benefiting from the best international experiences.”

For his part, Al-Wabel welcomed this cooperation with Modon, so he pointed out that the agreement aims to support the “Beauty Gathering” initiative, which aims to “enhance the value chain in the beauty products industry by identifying gaps and growth opportunities in the chain with investment opportunities in this regard in addition to enhancing the competitiveness of workers in this sector.”

Under the agreement that signed on the sidelines of Biban Forum of the Saudi Small and Medium Enterprises Organization, the Authority shall grant the projects emanating from the Memorandum various appropriate incentives by giving priority to any incentives subsequently approved and also providing sites in their respective industrial cities after the Parties deem it appropriate.

For her part, the President of the Executive Council of Businesswomen in Asharqia Chamber, Maram Al-Jishi, said that this agreement comes as part of the Council’s initiatives to empower women to invest in the industrial sector by seeking to stimulate the women’s investment movement through encouraging businesswomen to invest their capital in projects that achieve the desired economic diversification and opening new horizons for the investment of national women’s energies in the service of the Saudi economy in order to facilitate and raise women’s investments in the industrial sector.

This agreement comes within the framework of supporting Asharqia Chamber of Women’s Investment Trends, as well as in the framework of joint cooperation with the Saudi Authority for Industrial Cities and Technology Zones to support and develop the industrial sector for its added value.

Source: Republic of Cyprus, Ministry of Foreign Affairs