عربي English Türkçe اردو فارسى
Logo
Latest News
Business

CEO of MODON: Textile Industry Investments Exceed SR4 Billion

The investments are distributed over 125 industrial contracts in 19 industrial cities
The investments are distributed over 125 industrial contracts in 19 industrial cities
    Asharq A-Awsat
TT
20
TT

CEO of MODON: Textile Industry Investments Exceed SR4 Billion

The investments are distributed over 125 industrial contracts in 19 industrial cities
The investments are distributed over 125 industrial contracts in 19 industrial cities

The CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON), Eng. Majed Al-Argoubi, has revealed that the volume of industrial investments in textiles and fabrics within the scope of MODON exceeds SR4.1 billion.

These investments are distributed over 125 industrial contracts in 19 industrial cities, covering a total area of more than one million square meters.

Al-Argoubi's comments came on Monday at the inauguration of the second edition of the Men's Fabrics and Accessories Exhibition, which is sponsored by MODON and being held at the Riyadh International Convention and Exhibition Center for five days.

According to Al-Argoubi, the textiles and men's supplies sector is experiencing high growth in the Kingdom. Most of its raw materials are sourced from Saudi Arabia, making it an attractive sector for investments.

He added that the industrial sector in the Kingdom is going through remarkable developments, thanks to the support provided by the Saudi leadership to invest in value-added projects.

MODON has also prepared advanced infrastructure, supporting logistical services, and several ready-made products and innovative solutions in all regions across the Kingdom and different areas to build factories in various sectors.

Most Viewed

 
Business

Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
20
TT

Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.