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
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

Gold Stabilizes after Selloff as Wider Markets Regain Balance

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
TT

Gold Stabilizes after Selloff as Wider Markets Regain Balance

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices held steady on Tuesday, anchored by stability in European equities and US stock futures, a day after bullion's sharp decline amid a tech-led selloff.

Spot gold was steady at $2,742.37 per ounce by 12:05 GMT. US gold futures rose 0.3% to $2,746.70.

"After the drop yesterday, with gold likely being used to cover losses in other asset classes, stable equity markets in Europe are keeping gold stable too," UBS analyst Giovanni Staunovo said, Reuters reported.

Gold fell over 1% on Monday, marking its steepest drop since Dec. 18, as investors rushed to liquidate bullion to offset losses triggered by a sharp pullback in technology stocks, spurred by DeepSeek's low-cost, low-power AI model, casting doubt on the dominance of traditional AI giants.

Investors' focus is now set upon the Federal Reserve's first meeting this year, scheduled to start later in the day.

Policymakers are expected to leave interest rates unchanged at the end of the two-day meeting.

However, US President Donald Trump saying he wants borrowing costs to be lowered cast some doubt over the independence of the Fed's decision.

"Market uncertainty should still support demand for gold over the coming months, we still look for higher prices later this year, driven also by further rate cuts by the Fed," Staunovo added.

Trump's policies, in addition to being perceived as inflationary, could potentially trigger trade wars, increasing safe-haven demand for bullion.

Gold prices look set for a record-breaking year due to heightened economic uncertainty and inflation concerns, a Reuters poll showed.

However, analysts downgraded their 2025 price forecasts for platinum and palladium as demand struggles to improve significantly.

Spot silver fell 0.1% to $30.17 per ounce, palladium was down by 0.1% to $959.75 and platinum also shed 0.1% to $946.05.