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Specialized Center Launched to Train Saudi Women to Work in Industrial Cities

Saudi Arabia supports the qualification of women to join the industrial sector. (Asharq Al-Awsat)
Saudi Arabia supports the qualification of women to join the industrial sector. (Asharq Al-Awsat)
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Specialized Center Launched to Train Saudi Women to Work in Industrial Cities

Saudi Arabia supports the qualification of women to join the industrial sector. (Asharq Al-Awsat)
Saudi Arabia supports the qualification of women to join the industrial sector. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (Modon), in cooperation with Kafo Charity for Employing and Training, has inaugurated a specialized training center at the second industrial city in Riyadh, which aims at empowering women in the industrial sector.

Modon CEO Eng. Khalid bin Mohammad Al-Salem noted that the strategic partnership between the two sides targets developing the role of Saudi women in the national economy. This is in line with Modon’s strategy to empower industry and contribute to increasing the local content according to the initiatives assigned to it under National Industrial Development and Logistics Program (NIDLP) in accordance with the Saudi Vision 2030.

He stressed that the new center was established in the second industrial city in Riyadh to design and offer women training programs that accord with the requirements of the labor market in the industrial sector.

He added that cooperation between Modon and Kafo enhances the role of the non-profit sector in industrial cities under Vision 2030 that aims at increasing the contribution of this sector to the GDP to 5%.

Al-Salem said Modon invests in the potential and capabilities of Saudi women through providing a model environment that keeps pace with their ambitions as employees or investors in the industrial sector, noting that Modon succeeded in increasing the number of Saudi women in industrial cities by 120% over the past five years to around 17,000 employees up from 7,860.

He said that the services and products provided by Modon to empower Saudi women include an industrial oasis that includes kindergartens, cars waiting areas and medical and entertainment centers, with ready-built factories to encourage female business entrepreneurs and small and medium sized enterprises.

He noted that Modon, in December 2020, organized a specialized conference to discuss investment opportunities for women and ways to address challenges and remove obstacles that hinder the work of women in the industrial sector.

The Authority is currently working on launching the small ready-built factory product with an area of 200 square meters for the first time in the Kingdom of Saudi Arabia in the first industrial city in Dammam, he revealed.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.