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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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Gold Jumps to Record High on Fed Rate Cut Outlook

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT
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Gold Jumps to Record High on Fed Rate Cut Outlook

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices charged to a record high on Monday as a weaker dollar and the prospects of aggressive US monetary policy easing boosted non-yielding bullion's appeal.

Spot gold was up 0.4% at $2,586.04 an ounce by 0914 GMT after touching a record peak of $2,589.59. US gold futures edged up by 0.1% to $2,613.40, Reuters reported.

The dollar index eased 0.4%, making gold more attractive to other currency holders.

This week's key event is the Federal Reserve interest rate decision due on Wednesday. Trader expectations are for a 59% chance of a cut of 50 basis points.

The first US rate cut is getting closer and will be followed by more, supporting gold, said UBS analyst Giovanni Staunovo.

"Any change to the Fed dot plot is likely to result in near-term volatility, but I believe we are still on the path of higher prices over the coming months," he said.

Bullion becomes generally a more attractive investment in periods of lower interest rates and is considered a safe asset in times of turmoil.

Macroeconomic and geopolitical concerns, US elections and a likely increase in equity market volatility also make a compelling case for increasing investment in gold, ANZ analysts said in a note.

"We expect gold prices to move towards $2,700 in the short term and reach a high of $2,900 by the end of 2025," the note added.

The FBI said that Republican presidential candidate Donald Trump was the subject of a second assassination attempt on Sunday.

Spot silver gained 1% to $30.95 an ounce, hitting its highest in two months earlier in the session.

Platinum shed 0.2% to $993.70 and palladium was up 0.2% at $1,070.70.
Data from China over the weekend showed industrial output growth slowed to a five-month low in August while retail sales and new home prices weakened further.