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Saudi MODON Signs Contract for First Food Factory in Jeddah

Saudi MODON Signs Contract for First Food Factory in Jeddah
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Saudi MODON Signs Contract for First Food Factory in Jeddah

Saudi MODON Signs Contract for First Food Factory in Jeddah

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a contract with Nestlé to allocate a 117,000-square-meter industrial plot in the Jeddah Third Industrial City.

The contract aims to establish the first food factory in the Kingdom, scheduled to open in 2025, with an initial investment of SAR270 million to boost local production, reported the Saudi Press Agency on Sunday.

The signing ceremony was held under the patronage and in the presence of Minister of Industry and Mineral Resources Chairman of MODON Bandar bin Ibrahim Al-Khorayef, MODON CEO Eng. Majed Al-Argoubi and Nestlé Saudi Arabia CEO Robert Helou.

In its initial phase, the project will focus on producing baby food and launching an automated production line equipped with the latest packaging technologies operated by qualified national food industry personnel.

The project is expected to create hundreds of direct and indirect jobs during its first phase, with an initial annual production capacity of 15,000 tons.

In line with the National Industrial Strategy, MODON seeks to boost the food industries sector through the food cluster initiative in Jeddah's second and third industrial cities. The food cluster aims to enhance supply chains and promote exports by providing an integrated and supportive environment, which positively impacts the growth and development of the food industry sector in the region.

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Business

Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
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Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)

Saudi Arabia's largest telecoms operator STC on Thursday announced a joint venture with the kingdom's artificial intelligence company Humain to develop and operate data centers.

The companies signed a memorandum of understanding to establish the venture, in which Humain will hold a 51% stake, while STC will own 49%, Reuters reported.

Humain, an AI company backed by Saudi Arabia's sovereign wealth fund PIF, has secured several agreements including deals with Elon Musk's xAI and Blackstone-backed AirTrunk for data center projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
The joint venture will aim to develop infrastructure capable of supporting operations with a required load of up to 1 gigawatt, beginning with an initial deployment of up to 250 megawatts.

Business

Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude rose 32 cents or 0.54% to $60 per barrel at 0910 GMT. US West Texas Intermediate crude was up 38 cents, or 0.68%, at $56.32 per barrel.

US intentions to impose more sanctions against Russia and its threatened blockade of tankers under sanctions and carrying Venezuelan oil pushed prices higher, PVM analyst John Evans said.

On Wednesday, Bloomberg reported that the US is preparing another round of sanctions on Russia's energy sector in the event Moscow does not agree to a peace deal with Ukraine, citing people familiar with the matter. A White House official told Reuters President Donald Trump had not made any decisions on Russian sanctions. Further measures targeting Russian oil could pose an even bigger supply risk to the market than Trump's announcement on Tuesday that the US would blockade tankers under sanctions entering and leaving Venezuela, ING analysts said in a note.

The Venezuela blockade could affect 600,000 barrels per day of Venezuelan oil exports, mostly to China, but 160,000 bpd of exports to the US would likely continue, ING said. Chevron vessels were continuing to depart for the US under a previous authorisation from the US government.

Most other Venezuelan exports remained on hold on Wednesday, although state oil company PDVSA restarted loading crude and fuel cargoes after suspending operations because of a cyberattack, sources and customs data indicated.

It was not clear how a US blockade would be enforced. The US Coast Guard last week took the unprecedented step of seizing a Venezuelan oil tanker and sources said the US was preparing for more such interdictions.

Venezuelan crude makes up around 1% of global supplies.

Business

European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
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European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo

Dutch and British gas prices posted small gains on Thursday morning but are largely expected to trade sideways with rising demand from colder weather easily met by pipeline and liquefied natural gas deliveries.

The benchmark Dutch front-month contract at the TTF hub was up 0.19 euros at 27.57 euros per megawatt hour (MWh), or $9.48/mBtu, by 0907 GMT, LSEG data showed.

The Dutch day-ahead contract was up 0.41 euros at 27.36 euros/MWh.

The British day-ahead gas price was up 0.90 pence at 71.00 pence per therm, while the front-month gas contract was up by 0.62 pence at 72.90 p/therm, Reuters reported.

The weather will be mostly dry but slowly colder with below-normal temperatures towards the end of the next week, LSEG meteorologist Georg Mueller said.

"This pattern seems to be stable and will likely last into early January," he added.

Prices appeared to have exhausted their potential for further decline, but a comfortable LNG balance in particular prevented a real rebound, analysts at Engie EnergyScan said in a daily note.

Key US liquefied natural export plant Freeport LNG was on track to take in more gas on Wednesday in a sign that one of its three liquefaction trains has returned to service after shutting down on Tuesday.

Norwegian pipeline gas nominations to Europe hit 348.8 million cubic metres (mcm) per day on Wednesday, their highest level since August 2024, and are at 347.6 mcm/day on Thursday, data from infrastructure operator Gassco showed.

Latest positioning data indicated that speculators are increasingly bearish on the TTF, with investment funds building their largest net-short position since early 2020, analysts at ING said.

"It continues to pose a risk to the market should we see any supply disruptions or demand surges," they added.

EU gas storage sites were last 68.75% full, compared with 77.5% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract was down 0.81 euro at 85.99 euros a metric ton.