US delegation briefed on Modon programs
JEDDAH, Dec 05, 2012 (Arab News - McClatchy-Tribune Information Services via COMTEX) --
A high-profile American delegation, including a number of city mayors, visited the Saudi Industrial Property Authority (Modon) in Riyadh recently and briefed them on the activities of Modon, Saudi Press Agency said.
Acting Director General of Modon Eng Salih Al-Rashid explored past experiences of Modon with the US delegation in setting up industrial cities and its policies to attract investments in the industrial sector through the provision of incentives.
Al-Rashid stressed the importance of creating investment partnerships between Saudi industrialists and their American counterparts to benefit from their experiences in the area of industrial services for the common interests of both countries.
The US delegation was also briefed on business advantages and incentives given to investors as they set up industrial, technical, services, housing and commercial projects in the industrial cities. It is to be recalled that Modon provides incentives for attracting the industrial, technical, service, residential and commercial projects in the designated industrial areas. To mention a few, the annual rent of land starts from one riyal per square meter.
The government's financial bodies and banks provide loans of up to 75 percent of the capital with an extended repayment period of up to 20 years, in addition to other incentives related to customs duty exemptions for imported raw materials and equipment.
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