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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)
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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.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.