Saudi Arabia’s Ministry of Industry Issues 152 Licenses Worth $1.65 Bn in January

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 152 new industrial licenses in January, at a total investment value of SAR 6.2 billion ($1.65 billion). (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Industry and Mineral Resources issued 152 new industrial licenses in January, at a total investment value of SAR 6.2 billion ($1.65 billion). (Asharq Al-Awsat)
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Saudi Arabia’s Ministry of Industry Issues 152 Licenses Worth $1.65 Bn in January

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 152 new industrial licenses in January, at a total investment value of SAR 6.2 billion ($1.65 billion). (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Industry and Mineral Resources issued 152 new industrial licenses in January, at a total investment value of SAR 6.2 billion ($1.65 billion). (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 152 new industrial licenses in January, at a total investment value of SAR 6.2 billion ($1.65 billion), according to a statement.

The new licenses covered five industrial activities, with 27 licenses issued in the food production sector, 20 in the manufacturing of non-metallic mineral products, 19 in the casting of metals sectors.

The ministry also issued 18 licenses in the activity of rubber and plastics production, followed by the manufacturing of chemical products with 14 licenses.

In terms of recipients, small-sized enterprises received most of the new licenses in January, accounting for 89.47% of the total.

Medium-sized enterprises followed with 8.55%, then large enterprises (1.32%).

By investment type, national factories made up 75.66% of the new licenses, followed by foreign establishments (14.47 %) and joint investments (9.87%).

The ministry also confirmed that 79 factories started actual production in the same month, with total investments of SAR 1.3 trillion.

National factories constituted 78.48% of the total plants that commenced actual production in January, followed by foreign factories and joint-investment plants at 12.66% and 8.86%, respectively.

In January, the number of employees increased to 10,800, including approximately 5,000 Saudi employees and around 5,800 expatriate workers.

The Ministry of Industry and Mineral Resources, through the National Center for Industrial and Mining Information, releases monthly updates on key industrial indicators, illustrating the nature of industrial activity in the Kingdom.

This includes insights into the changes in new industrial investments and factories starting production.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.