Riyadh - Sharikat Mubasher: The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed a quadripartite memorandum of understanding (MoU) to establish advanced self-storage warehouses in Jeddah industrial cities, with investments exceeding SAR 880 million.

The agreement was signed during the Global Logistics Forum 2024 between Modon, the Ministry of Investment (MISA), the Ministry of Transport and Logistics Services, and Sadel, a Luxembourg-based family office focusing on investments in property, logistics, green energy, and food supply chain sectors, the authority announced in a statement.

The new warehouses are expected to contribute to elevating the food supply chains in Jeddah.

The Global Logistics Forum 2024, which took place in Riyadh on 13 and 14 October, witnessed the signing of 65 strategic agreements with a total value exceeding SAR 16 billion.