SABB, Siemens Sign Deal to Create Smart Building Technology

SABB selected Siemens to supply the services at SABB Tower in Riyadh
SABB selected Siemens to supply the services at SABB Tower in Riyadh
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SABB, Siemens Sign Deal to Create Smart Building Technology

SABB selected Siemens to supply the services at SABB Tower in Riyadh
SABB selected Siemens to supply the services at SABB Tower in Riyadh

The Saudi British Bank (SABB) has signed an agreement with Siemens to provide smart building services for SABB’s new headquarters, making the 30-story tower a model of digitally enabled efficiency, comfort, and sustainability.

SABB selected Siemens to supply the services at SABB Tower in Riyadh. The Siemens solution includes a workplace experience platform with an employee app, an Internet of Things (IoT) sensor network, systems integration and energy analytics.

The agreement supports SABB’s aspirations of becoming a fully digitally enabled bank, making operations at SABB Tower more efficient and enhancing employees’ productivity and well-being. The end result will be an employee-centric and energy-efficient design that can become a model for other buildings in the Kingdom.

“Our ambition is to become Saudi Arabia’s leading, digitally enabled bank and most sought-after employer, and smart building services from Siemens will help us realize this goal,” said Tony Cripps, Managing Director, SABB. “This project will enhance our employee experiences while delivering actionable data about our headquarters and improving operational results.”

“Siemens looks forward to putting workplace technology in the hands of SABB’s employees and facility managers and connecting them in real time to the physical and digital worlds around them,” said Eng. Ahmed Hawsawi, CEO of Siemens Saudi Arabia. “With our holistic approach to integrating smart technologies, we’ll create a simple, efficient, user-friendly and secure environment for the bank’s staff and clients.”



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.