عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, China Seek to Promote Cooperation in Green Housing Technology

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail during his meetings in Beijing. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail during his meetings in Beijing. (Asharq Al-Awsat)
TT
TT

Saudi Arabia, China Seek to Promote Cooperation in Green Housing Technology

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail during his meetings in Beijing. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail during his meetings in Beijing. (Asharq Al-Awsat)

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail discussed with top executives of Chinese CITIC Group and CITIC Construction, cooperation opportunities in the field of green and sustainable housing technology.

Al-Hogail is currently on an official visit to Beijing to discuss exchange of expertise with Chinese institutions and companies and participate in the Saudi-Chinese Forum.

The event aims at attracting top Chinese companies to invest in Saudi Arabia while consolidating the two countries’ partnerships.

The forum will review the investment opportunities and advantages the Kingdom offers in infrastructure and housing. It will be attended by Saudi officials and investors, along with representatives of Chinese companies.

During his meetings on Monday, the Saudi minister discussed opportunities for cooperation in the field of green and sustainable housing technology, praising the efforts of CITIC in introducing and integrating advanced technologies to promote the construction sector in the Kingdom.

The meeting, which was attended by Saudi Arabia’s ambassador to Beijing, Abdul Rahman Al-Harbi, touched on the progress in the implementation of a project comprising 20,000 housing units, where CITIC is coordinating between the National Housing Company and the Saudi Real Estate Refinance Company on the one hand, and Chinese banks on the other.

Also on Monday, Al-Hogail met with representatives of the Asia Infrastructure Investment Bank (AIIB) to discuss cooperation opportunities and the proposed structure for financing housing projects.

The Saudi minister visited the “Beijing Stages of Development Exhibition” on Sunday, to learn about China’s experience and explore modern best practices in the development and improvement of cities.

During his meeting with a number of executives specialized in housing and real estate, the minister discussed means of cooperation, exchange of experiences, as well as the investment opportunities offered by the Kingdom in the municipal and housing sectors.

Most Viewed

 
 
Business

Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.