Saudi Aramco, MODON ink MoU to develop promising cities

State-run Saudi Aramco has signed a memorandum of understanding (MoU) with Saudi industrial Property Authority (MODON) to enhance joint cooperation in developing promising cities, and empowering the local community and women employment in industrial cities in line with the Saudi Vision 2030 and National Transformation Program 2020.

The preliminary deal will enable both parties to establish development projects that enhance economies of the promising cities, through benefiting from the natural resources of various provinces in the Kingdom, the giant oil producer said in a statement on Monday.

It also aims to localize industries through launching high-quality development projects that boost the Saudi gross domestic product (GDP), provide job opportunities and develop favorable business environment for women, persons with disabilities and the low income.

Under the MoU, Saudi Aramco will conduct feasibility studies and development plans, select partners, and provide the necessary designs for the projects.

MODON will provide locations and necessary incentives for various projects across its industrial cities to facilitate new launches.

In 2010, Saudi Aramco and MODON signed a deal to promote the national industry in the energy sector in order to support diversification of income sources.