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Modon Signs Partnership Agreement to Establish, Develop, Operate 14 Warehouses in Jeddah

Jeddah, Saudi Arabia - March 26, 2022 General view of the F1 circuit during practice REUTERS/Ahmed Yosri
Jeddah, Saudi Arabia - March 26, 2022 General view of the F1 circuit during practice REUTERS/Ahmed Yosri
    Asharq A-Awsat
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Modon Signs Partnership Agreement to Establish, Develop, Operate 14 Warehouses in Jeddah

Jeddah, Saudi Arabia - March 26, 2022 General view of the F1 circuit during practice REUTERS/Ahmed Yosri
Jeddah, Saudi Arabia - March 26, 2022 General view of the F1 circuit during practice REUTERS/Ahmed Yosri

The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed a partnership agreement to establish, develop and operate 14 warehouses with flexible areas in Jeddah 1st Industrial City.

Modon’s role will be based on smart, automated systems to provide quick and temporary logistical solutions to support industrialists and entrepreneurs, and stimulate investment in the retail sector.

According to Modon, the project involves the construction of fully digital and automated warehouses that do not need human intervention, using the latest technology and equipment that provides access to storage units via a smartphone app (smart door locks).

It also said that the project offers the best-in-class 24/7 customer service system that provides immediate and thorough support.

The warehouses will be operated based on the public-private sector partnership (PPP) model, which is bound to enhance quality standards and operational efficiency of services and products, and stimulate investment in industrial cities.

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Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Tuesday, driven by safe-haven demand as trade conflicts erupted after US President Donald Trump imposed new tariffs on top three trading partners of the world's biggest economy.

Spot gold rose 0.9% to $2,919.44 an ounce by 1154 GMT, up for a second straight session. Bullion has gained 10% so far this year and hit a record high of $2,956.15 on February 24.

US gold futures rose about 1% to $2,930.

Trump's new 25% tariffs on imports from Mexico and Canada took effect at 0501 GMT. He also doubled duties on Chinese goods to 20%. China hit back immediately with additional tariffs of 10%-15% on certain US imports from March 10 and a series of new export restrictions for designated US entities, Reuters reported.

"With Trump 2.0 delivering exactly the chaos he promised in the US election, Western investors are joining emerging-market central banks in buying gold as an all-weather hedge," said Adrian Ash, head of research at online marketplace BullionVault.

Traders now await the ADP employment report due on Wednesday and the US nonfarm payrolls report on Friday for clues on the Federal Reserve's interest-rate trajectory.

"Any indication of a slowdown in the US economy would support calls for more Fed rate cuts and support the gold price. We continue to look gold to re-test the highs over the coming weeks," UBS analyst Giovanni Staunovo said.

The US central bank held interest rates steady in its last meeting. It is expected to resume cutting rates in June and could reduce short-term borrowing costs again in September.

J.P.Morgan said it expects gold close to $3,000 an ounce by the fourth quarter of 2025.

Spot silver added 0.6% to $31.88 an ounce, platinum firmed 0.6% to $959 and palladium gained 1.2% to $949.18.