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Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters
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Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has expanded its total logistics space in industrial cities across the Kingdom to over 4.8 million square meters.

The increase is in response to the growing demand for its services and to provide a comprehensive range of logistics products, reported the Saudi Press Agency on Thursday.

MODON is participating in the international trade fair, Transport Logistics, Asia's leading trade fair for logistics, transportation, information technology, and supply chain management. The event is taking place in Shanghai, China, from June 25 to 27, 2024.

MODON is participating within the National Industrial Development and Logistics Program (NIDLP) pavilion to promote industrial investment opportunities and logistical projects in industrial cities. They will also be introducing the incentives and capabilities that MODON offers to both local and foreign investors.

Under the vision of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, MODON is responsible for developing and supervising several logistics centers as part of the general plan for logistics centers that was launched in August 2023. The goal is to develop 59 logistics centers with a total area exceeding 100 million square meters.

MODON is committed to supporting and facilitating industrial and logistical investment opportunities. To this end, it provides investors with a comprehensive package of services and products. These include the development and operation of specialized warehouses, dry and refrigerated warehouses, warehouse areas, yards, and centers for shipping truck services.

This comprehensive offering underscores MODON's commitment to providing a conducive environment for industrial and logistical investment.

MODON is diligently following an ambitious plan to develop industrial cities in line with its objectives. These cities are designed to attract investment, empower the industry, and ensure stability.

The developed land areas have expanded, exceeding 209 million square meters. They currently encompass over 6,600 industrial and logistical facilities to enhance local content and maximize exports, all in line with the goals of Saudi Vision 2030.

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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
TT
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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights

 

Overall business growth across the euro zone slowed sharply last month as a solid expansion in the bloc's dominant services industry failed to offset a further deterioration in manufacturing, a survey showed on Wednesday, Reuters reported.

HCOB's composite Purchasing Managers' Index for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, dropped to 50.9 in June from May's 12-month high of 52.2.

It was just above a preliminary 50.8 estimate and the fourth consecutive month above the 50 mark separating growth from contraction.

"Growth in the euro zone can be attributed fully to the service sector. While the manufacturing sector weakened considerably in June, activity growth in the services sector continued to be nearly as robust as the month before," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

The services PMI dipped to 52.8 last month from 53.2 but was ahead of the 52.6 flash estimate.

Manufacturing activity across the bloc took a turn for the worse last month as demand fell at a much faster pace despite factories cutting their prices, a sister survey showed on Monday.

Falling demand for manufactured goods, alongside slower growth for services, meant the composite new business index slumped below breakeven for the first time since February, registering 49.4 compared to May's 51.6. The flash reading was 49.2.

That was despite the European Central Bank delivering a widely predicted cut to interest rates last month. It is expected to cut again in September and December, according to a Reuters poll.

Strong wage data and still sticky price pressures have increased uncertainties around the rationale for more cuts but both input and output cost pressures eased, according to the PMI.

Charges levied by services firms rose at the slowest pace in over three years. The output prices index fell to 53.5 from 54.2.

"The ECB ... is getting some support for this decision from the HCOB Services PMI price indices," de la Rubia added.

"Looking forward, the ECB will remain cautious, as the price increases are still way above pre-pandemic averages and still unusually high given the fragile state of the economy."