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Iraq's May Oil Exports Averaged about 2.9 Mln Bpd

Iraq was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. (Reuters)
Iraq was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. (Reuters)
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Iraq's May Oil Exports Averaged about 2.9 Mln Bpd

Iraq was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. (Reuters)
Iraq was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. (Reuters)

Iraqi oil exports stood at about 2.9 million barrels per day (bpd) in May, little changed from the previous month, the country’s oil ministry said on Tuesday.

Exports from Iraq’s southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd.

Iraq, which is OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers.

Iraq’s oil revenue rose to $5.88 billion in May as it sold crude at an average of $65.46 per barrel, up from $62.5 in April.

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Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
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Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)

The Cityscape Global exhibition, set to open on Monday in Riyadh, is expected to introduce more than 100,000 housing units, financing options with interest rates starting at 2.59%, and discounts of up to SAR 100,000 (around $26,600) on various projects. The event will also feature one of the largest real estate auctions in the Middle East, with an estimated value exceeding SAR 1 billion ($266.6 million).
This announcement was made by Abdullah Al-Hammad, CEO of the General Real Estate Authority, during the Cityscape Global introductory meeting held on Thursday in the Saudi capital.
Al-Hammad emphasized that Saudi Arabia’s hosting of this major real estate event reflects the economic momentum the Kingdom is experiencing under Vision 2030.
He explained that the exhibition will play a key role in showcasing investment opportunities by providing comprehensive insights into real estate market trends, noting that the Kingdom is witnessing unprecedented growth in real estate and economic projects.
The exhibition will primarily focus on the Kingdom’s mega-projects, with participation from over 400 exhibitors, 100 institutional investors, and more than 500 leaders from the global real estate sector.
He added that this major gathering will facilitate access to diverse investment opportunities within Saudi Arabia’s real estate market, thus boosting foreign investment, diversifying the national economy, and supporting sustainable development.
Al-Hammad highlighted that the previous Cityscape exhibition attracted over 160,000 visitors and secured investment projects and agreements valued at over SAR 110 billion ($29 billion), including $19 billion in foreign investments. This year, the second edition is expected to see a 50% increase in transactions, projects, and agreements.
Abdulrahman Altawil, the Deputy Minister for Residential Supply Stimulus and Real Estate Development, told Asharq Al-Awsat that this major real estate event will host leading global names from various areas of the real estate industry, including development, design, and operations.
“A large number of international real estate developers are expected to participate in the event, with over 10 developers already launching projects in Saudi Arabia. The aim is to attract even more developers in partnership with local counterparts”, Altawil said.
Altawil noted that Saudi Arabia’s real estate and investment environment is highly attractive, providing promising and accessible opportunities for investors. He mentioned that the ministry is working to create a diversified landscape focused on attracting global companies to invest in the Kingdom.
The exhibition will feature a selection of experts and CEOs and will include a Real Estate Investors Forum, hosting 150 investors from 22 countries. This event aims to strengthen collaboration on investment projects, establishing itself as a key center for opportunities and investment.