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Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
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Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)

The world’s largest real estate event, Cityscape Global, continued for the second consecutive day in Riyadh, with the participation of more than 350 exhibitors, 300 local and international speakers and 2,000 investors from around the world.

Monday’s agenda included a series of dialogue sessions that focused on the relationship between real estate and financial technology, the future of housing, the power and impact of design, bioeconomy, and financial stability.

The exhibition features five main platforms that host a number of sessions, including: NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

For its part, the Saudi National Housing Company showcased its luxury real estate project in the Khuzam suburb located north of the capital. The project extends over a total area exceeding 77,000 square meters, and provides 220 luxurious residential units, ranging between 350 and 471 square meters.

In addition, the Tourism Development Fund and the Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a cooperation agreement aimed at developing several tourism projects in industrial cities.

Under the agreement, the two bodies will assess various land properties and propose viable tourism projects for each.

Umm Al-Qura for Development and Construction Company, owner and developer of "Masar" Destination, concluded a partnership agreement to develop and operate a 4-star hotel, with investments amounting to SAR 450 million ($120 million).

Umm Al-Qura also announced the signing of an acquisition agreement with Scope International Real Estate Development Company, to construct residential towers in cooperation with international operators, with investments amounting to SAR 900 million ($240 million).

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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.