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New Investments: 500,000 SQM of Saudi Industrial Areas

Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
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New Investments: 500,000 SQM of Saudi Industrial Areas

Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)

The Saudi industrial zones managed to attract local and international investments with areas exceeding half a million square meters, after launching a package of products aimed at creating unique opportunities, providing assistance and stimulating programs for investors.

A recent report issued by the Saudi Authority for Industrial Cities and Technology Zones (MODON) - a copy of which was received by Asharq Al-Awsat - revealed that local and international investments over the past year exceeded a total value of 2.8 billion riyals (USD746 million).

During the past year, MODON signed contracts to develop and invest ready-made factories of various sizes in the industrial city of Asir, the third industrial city in Jeddah, and the third industrial city in Riyadh to serve entrepreneurs, in addition to allocating service land to complete the services system in the industrial city of Wa’ad Al-Shamal, the first industrial city in Asir, and the first industrial city in Jeddah.

MODON offers a range of innovative, diversified and highly reliable products that support the Saudi government’s continuous plans to advance the industrial sector, and contribute to diversifying sources of income, as one of the pillars of national industry empowerment and leadership.

MODON provides industrial land with developed infrastructure and services with different areas starting with 1,700 square meters to meet the needs of industrial investors, supports owners of small and medium enterprises to carry out their industrial activities, and establishes ready-made, full-service factories with various areas ranging between 700 to 1,500 square meters for investment partners and entrepreneurs.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.