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Saudi Real Estate Refinance Company, BlackRock to Promote Developing Programs in Saudi Real Estate Finance Market

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
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Saudi Real Estate Refinance Company, BlackRock to Promote Developing Programs in Saudi Real Estate Finance Market

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)

The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, signed a memorandum of understanding (MoU) with the US BlackRock conglomerate in New York City, to develop programs in the real estate finance market in Saudi Arabia, and increase the share of businesses in the real estate sector capital markets.

The MoU was signed on the sidelines of the official visit of Saudi Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail who is also SRC Board of Directors chairman.

The minister and his accompanying delegation are in the US to discuss ways to boost Saudi-American partnerships in the urban development, construction, building, finance and real estate development sectors.

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony.

The MoU aims to accelerate the development of programs in the real estate refinancing market in Saudi Arabia and expand through local and international capital market channels.

It also seeks to diversify funding sources through fixed income markets, which is bound to increase the stability of the real estate finance market and contribute to achieving the goals of the housing and financial sector development programs, which serve as enablers of the Kingdom’s Vision 2030.

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Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices rose 2% on Friday on a softer dollar but were still set to end the week lower as weaker US employment data raised concerns over the health of the world's largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply.

Brent crude futures rose $1.38, or 1.8%, to $78.60 a barrel at 1220 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.46, or 2%, to $74.47. Brent futures have fallen about 1.4% so far this week, while WTI lost nearly 3%.

Both benchmarks hit their lowest since early January this week, after the US government sharply lowered its estimate of jobs added by employers this year through March, Reuters reported.

That sparked concern about a potential recession in the US hurting demand in the top oil consuming nation, but some analysts say that was an overreaction to the jobs revision.

The market will be closely monitoring a keynote speech by Federal Reserve chair Jerome Powell scheduled for 1400 GMT on Friday, with the market widely anticipating a rate cut from next month.

"Alluding to a quarter point cut in September is something already priced in and will receive a lukewarm reaction," PVM Oil analyst John Evans said.

"But a double-decker half point percentage cut goes against how the Fed wishes to manage a controlled move away from tightening," he added.

The US dollar index softened to about 101.45 ahead of the speech, and remained close to the 2024 low of 100.92 it hit on Wednesday, and is headed for a fifth straight week of losses. A cheaper greenback typically lifts demand for dollar-denominated oil from investors holding other currencies.

Morgan Stanley said in a note on Friday that a drawdown in oil inventories has provided oil prices with some support.

"For now, the balance in the oil market is tight, with inventories drawing approximately 1.2 million barrels per day in the last four weeks, which we expect will continue in the balance of [the third quarter]," the bank said.

Recent data from China, the top oil importer, has pointed to a struggling economy and slowing oil demand from refiners.
A renewed push for a ceasefire in Gaza between Israel and Hamas has also helped ease supply worries and weighed on oil prices.

US and Israeli delegations started a new round of meetings in Cairo on Thursday to resolve differences over a truce proposal.