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Riyadh Hosts Inaugural Saudi Proptech Summit  

The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
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Riyadh Hosts Inaugural Saudi Proptech Summit  

The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)

The inaugural Saudi Proptech Summit will begin in Riyadh on Monday to review the most prominent technical developments and beneficiaries’ experiences.

The two-day conference includes dialogue sessions and workshops with more than 25 speakers representing 20 countries and will be accompanied by a real estate technology exhibition.

Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid bin Abdullah al-Hogail will inaugurate the conference.

Hogail said on his X account that he looks forward to meeting the creative and innovative people at Saudi Proptech, hoping it would develop the sector.

The Minister also expected the conference to enhance innovation and open investment horizons for entrepreneurs and emerging companies in real estate technologies to help achieve Vision 2030.

Real estate technology is an integrated system of emerging and rapidly growing companies that provide various innovative products or services in commercial and residential real estate.

It consists of four main areas: smart real estate, building technology, financial technology within real estate, and consumer-facing technology.

The summit will bring together a diverse array of participants, including specialists and experts in proptech, investors, and real estate service providers, with the participation of startups in the real estate and technology sectors.

It will also attract the latest international technical practices and experiences in the real estate field and showcase them within the Saudi market through partnership agreements among stakeholders.

Proptech brings together key activities, namely the technological ecosystem of real estate, government entities responsible for regulating the real estate sector, support for startups, real estate developers, proptech platforms, pioneering investment companies, and business accelerators.

It will also address the technological solutions sector in property and facilities management, artificial intelligence, data analysis, virtual and augmented reality, financing, mortgage, and construction technologies.

The conference will review several global technologies in real estate in the European market and the real estate technology in Hong Kong, China Sea region.

The Authority explained that the conference will discuss several topics through plenary sessions and workshops.

It would address important themes such as the role of technology in shaping public policies, the digital transformation of the Saudi real estate sector, the digital infrastructure of the Kingdom, and the future outlook for the real estate sector.

Moreover, the conference will explore urban environment innovations, the influence of smart city development on the real estate sector through information and decision-making mechanisms, and real estate technology solutions and their need in building the cities of the future.

Proptech connects technology and real estate and refers to various digital technologies used in the real estate sector and asset management.

It also contributes to managing various aspects of the real estate industry, including sales and delivery, facilities management, maintenance operations, and contract management utilizing computer technologies and software and mobile phone applications along with related devices, such as sensors, cameras, VR, and augmented reality technologies.

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Oil Prices Spike after US Strikes on Iran

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Spike after US Strikes on Iran

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran's nuclear facilities.

The dollar strengthened as traders assessed the weekend's events, with Iran threatening US bases in the Middle East as fears grow of an escalating conflict in the volatile region.

Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day.

It exports just under half of that amount and keeps the rest for domestic consumption.

If Tehran decides to retaliate, observers say one of its options would be to seek to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output.

When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.

They pared these gains however and later in the morning Brent was up 2.1 percent at $75.43 per barrel and WTI was 2.1 percent higher at $78.64.

Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", publishing a "scenario analysis" of an oil price increase of $10 per barrel.

"An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, they wrote, reflecting the market's downbeat mood.

Tokyo's key Nikkei index was down 0.6 percent at the break, with Hong Kong losing 0.4 percent and Shanghai flat. Seoul fell 0.7 percent and Sydney was 0.8 percent lower.

'Extreme route'

The dollar's value rose against other currencies but analysts questioned to what extent this would hold out.

"If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg.

US Defense Secretary Pete Hegseth said Sunday that the strikes had "devastated the Iranian nuclear program", though some officials cautioned that the extent of the damage was unclear.

It comes after Israel launched a bombing campaign against Iran earlier this month.

Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz.

"By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote.

At the same time, "while Trump's primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build".