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.



Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
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Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)

Most Asian markets fell Monday as countries fought to hammer out trade deals days before Donald Trump's tariff deadline, though investors took heart after he said the levies would not kick in until the start of next month.

While the White House has said several deals were in the pipeline, only two have been finalized ahead of the July 9 cut-off set by the US president, AFP said.

Governments from major trading partners including Japan, India, the European Union and South Korea have fought for the past three months to get agreements.

But Trump said he will send his first tariff letters at 1600 GMT Monday, setting out what Washington will charge for doing business with the United States.

He said an extra 10 percent would be added to any country "aligning themselves with the Anti-American policies of BRICS", an 11-member alliance including Brazil, Russia, India and China.

The announcement came after leaders of the group warned Trump's "indiscriminate" import tariffs risked hurting the global economy.

The deadline for a deal is Wednesday, but Treasury Secretary Scott Bessent confirmed on Sunday that the measures would not be applied until August 1.

"It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," Bessent told CNN.

He said the rates will then "boomerang back" to the sometimes very high levels Trump announced on April 2, before the president suspended the levies to allow for trade talks.

"I would expect to see several big announcements over the next couple of days," Bessent said.

The president told reporters Sunday on Air Force One that "I think we'll have most countries done by July 9, either a letter or a deal", adding that some deals have already been made.

Tariff uncertainty weighed on equity markets, with Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei all down, though there were small gains in Singapore, Seoul, Manila and Jakarta.

Wall Street was closed Friday for a holiday.

"Whether deadlines get extended remains uncertain given Trump's unpredictable style," said IG market analyst Fabien Yip. "Our base case expects several important trade partners to agree on a high-level basis before the deadline.

"This would provide more time for detailed discussions over the following two months. The other risk factor is sector-specific tariffs covering semiconductors, pharmaceuticals, and materials may also be announced in due course."

Oil prices sank after major producers in the OPEC+ alliance said they would boost output far more than expected in August, fueling demand worries just as Trump's tariffs are about to begin.

The group said "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" led to the decision to further hike output.