The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a memorandum of understanding (MoU) with the Department of Entrepreneurship and Innovative Development of the City of Moscow Government.
The MoU, signed under the patronage of Minister of Industry and Mineral Resources and MODON Board President Bandar Alkhorayef, aims to support joint investment opportunities and exchange of expertise and knowledge, as well as promote industrial integration, develop industrial cities and technical zones, and enable entrepreneurship and innovation.
This is in line with the objectives of Saudi Vision 2030 and the National Industrial Strategy by creating a promising industrial and productive environment that integrates incentives for industrialization, innovation and entrepreneurship.
This cooperation is a strategic step towards consolidating the Kingdom’s position as a global industrial and technological hub by building bridges with successful international experiences and developing an industrial and investment system that supports the transformation towards a sustainable and diversified economy.
The Ministry recently held a Saudi-Russian Roundtable meeting as part of the INNOPROM 2025 exhibition, with the participation of MODON’s CEO, Majed Al-Argoubi and a group of government officials and investors, aiming to enhance industrial partnerships and develop joint investments between the two sides.
INNOPROM is an international platform for showcasing industrial solutions and searching buyers, suppliers, business partners, and investors, which was held from 7 to 10 July, 2025 at Ekaterinburg, Russia. The trade fair attracted more than 100,000 visitors from 90 countries, serving as a vital hub for fostering commercial relationships and industry collaboration.
