MODON Receives International Accreditation

 Bandar Al-Khorayef, minister of Industry and Mineral Resources and chairman of the Board of Directors of MODON, received the EFQM accreditation during a ceremony on Tuesday. (Asharq Al-Awsat)
Bandar Al-Khorayef, minister of Industry and Mineral Resources and chairman of the Board of Directors of MODON, received the EFQM accreditation during a ceremony on Tuesday. (Asharq Al-Awsat)
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MODON Receives International Accreditation

 Bandar Al-Khorayef, minister of Industry and Mineral Resources and chairman of the Board of Directors of MODON, received the EFQM accreditation during a ceremony on Tuesday. (Asharq Al-Awsat)
Bandar Al-Khorayef, minister of Industry and Mineral Resources and chairman of the Board of Directors of MODON, received the EFQM accreditation during a ceremony on Tuesday. (Asharq Al-Awsat)

The Saudi Authority for Industrial Estates and Technology Zones (MODON) received an accreditation certificate from the European Foundation for Quality Management (EFQM), for the four-star category, for applying quality and institutional excellence concepts.

MODON is working to create the appropriate infrastructure to encourage local and international factories to access the Saudi market and invest in an enabling environment, where the concepts of quality and institutional excellence are applied.

The minister of Industry and Mineral Resources and chairman of the Board of Directors of MODON, Bandar Al-Khorayef, received the accreditation certificate during a ceremony on Tuesday.

MODON said in statement that the European certification of excellence crowned the authority’s efforts over an entire year.

It added that MODON has also set the goal of applying a management business model consistent with global best practices in the field of quality and institutional excellence, in a way that contributes to enhancing the confidence of local and international partners, in line with the objectives of the National Industrial Strategy.

MODON’s efforts also fall within its objectives to improve the general performance indicators according to scientific bases, and to achieve the aspirations of its partners in creating an exemplary investment environment characterized by sustainability and integration, within the framework of its strategy to empower the industry and contribute to increasing local content.

The EFQM Model is a globally recognized management framework that supports organizations in managing change and improving performance.

The model is based on data supported by industry experts in line with organizations’ goals and priorities, and employees’ aspirations, in a bid to realize effective and sustainable results and institutional excellence.

EFQM is a non-profit institution that seeks to increase the competitiveness of the economy, and help it reach excellence performance and corporate business.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.