Global Investment Requests for Saudi Industrial Cities Soar

The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
TT
20

Global Investment Requests for Saudi Industrial Cities Soar

The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The signing ceremony for the establishment and development of 72 factories in Riyadh, Saudi Arabia (Asharq Al-Awsat)

The Executive Vice President of Business Development of the Saudi Authority for Industrial Cities and Technology Zones (MODON) Eng. Ali Al Omeir revealed the presence of global requests to enter the industrial cities.

Omeir emphasized the significant efforts made by Saudi Arabia’s industrial system to attract international investments through participation, direct communication, and targeting global events.

In an interview with Asharq Al-Awsat, Omeir said that MODON has successfully attracted domestic and foreign investments amounting to a cumulative investment of over SAR 405 billion ($108 billion).

The number of operational factories in the Kingdom reached 5,926, along with 290 logistical facilities, contributing significantly to diversifying the national income sources and achieving the goals of Saudi Vision 2030 and the National Industrial Strategy.

These achievements are aimed at establishing a sustainable industrial economy and an attractive investment environment.

“Spread across all regions of the Kingdom, there are 36 industrial cities with developed areas exceeding 198 million square meters. The total number of contracts within these cities reached 7,242, encompassing industrial, logistical, and investment sectors,” revealed Omeir.

Moreover, he clarified that MODON is simultaneously working on encouraging the private sector to contribute to the establishment, development, management, operation, and maintenance of industrial cities.

Omeir also stated that there is an intention to expand in establishing industrial cities in the Kingdom.

He pointed out that the existing industrial cities are partially developed, with continuous development based on market needs.

“Today, we can identify the cities that require further development, and in line with the market and its demands, we are working on developing this infrastructure,” added Omeir.

Omeir’s remarks came following MODON inaugurating 98 ready-made factories worth SAR 100 million ($26.6 million).

Regarding the inauguration of the new factories, Omeir stated that it marks a new phase of expansion in the partnership between the public and private sectors.

This is exemplified by the launch of the “Producers 3” project in the third industrial zone in Jeddah, consisting of 98 factories spanning over an area exceeding 92,000 square meters.

The launch of the factories highlighted the importance of building conscious partnerships that contribute to achieving MODON’s objectives.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
TT
20

Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.