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PIF's Al-Madinah Heritage Co. Inks Deal to Establish Specialist Date Factory

Dates are considered of great importance in nutritional value (SPA)
Dates are considered of great importance in nutritional value (SPA)
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PIF's Al-Madinah Heritage Co. Inks Deal to Establish Specialist Date Factory

Dates are considered of great importance in nutritional value (SPA)
Dates are considered of great importance in nutritional value (SPA)

Al-Madinah Heritage Co., a subsidiary of the Public Investment Fund specializing in dates, has signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to acquire land in Madinah for the establishment of a specialized date processing factory.

The signing ceremony took place during the inauguration of the Industry and Local Content Medinah Forum, which was attended by the Deputy Governor of Madinah Prince Saud bin Khalid bin Faisal bin Abdulaziz.

In this regard, CEO of Al-Madinah Heritage Co. Bandar Al-Qahtani said the agreement would kickstart the company’s scheme for an integrated date factory in Madinah, noting that work would begin three months after plans and specifications had been set in accordance with the latest global technologies.

PIF launched the Al-Madinah Heritage Company last September with the aim of improving the production and quality of dates, specifically the Ajwa variety. It also plans to open up new and diverse markets for the dates and related products, both locally and internationally.

 

 

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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.