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Saudi MODON Wins Five Regional Awards for Human Resources Development, Women Empowerment

Saudi MODON Wins Five Regional Awards for Human Resources Development, Women Empowerment
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Saudi MODON Wins Five Regional Awards for Human Resources Development, Women Empowerment

Saudi MODON Wins Five Regional Awards for Human Resources Development, Women Empowerment

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has achieved a significant milestone by securing five leading regional awards in human resources development and women's empowerment for 2024, highlighting the authority's commitment to fostering a creative and inspiring work environment, reported the Saudi Press Agency on Monday.

MODON was named the "Preferred Employer" of the year and recognized for having the "Best Leadership Development" program in 2024. Additionally, the authority came first as the best government agency promoting "Innovation in Employee Engagement" in the public and government sector across the Gulf Cooperation Council (GCC) region.

MODON also achieved second place in the "Innovation and Excellence in Employee Experience" category and third place for its efforts to "Support and Empower Women."

The awards were announced during the HR Awards ceremony, part of the HR Summit Middle East Edition held in Abu Dhabi, UAE. The event took place as part of the 12th GCC GOV HR Summit 2024.

Since its founding in 2001, MODON has focused on developing and managing industrial cities and technology zones in line with Saudi Arabia's national priorities. The authority works closely with both public and private sectors to drive industrial growth.

As a result, the area of developed land in 36 industrial cities across the Kingdom has expanded to more than 209 million square meters, accommodating 6,882 industrial facilities and 436 logistics facilities.

MODON's vision is to be the preferred destination for investment growth and the primary partner for the industrial and technology sectors in Saudi Arabia, positioning itself as a leader in innovation and workforce development.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.