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Saudi, Egyptian Housing Ministers Review Urban Projects

Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
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Saudi, Egyptian Housing Ministers Review Urban Projects

Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)
Egypt’s Minister of Housing, Utilities and Urban Communities Assem el-Gazzar during his tour in urban projects (Asharq Al-Awsat)

Egypt’s Minister of Housing, Utilities, and Urban Communities, Assem el-Gazzar, visited Saudi Arabia and inspected major housing projects in Madinah.

A press statement issued by the Egyptian Ministry said that the Minister listened to a detailed explanation of the residential projects in the city and other housing projects that the company is undertaking in the Kingdom.

The Madinah Region Development Authority (MRDA) hosted the Egyptian Minister to review the projects implemented to develop the al-Masjid al-Nabawi.

Gazzar also visited the Makkah Islamic Museum.

Later, the Egyptian Minister met Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail, and Undersecretary of the Ministry of Municipal and Rural Affairs and Housing for customer experience and service Prince Saud bin Talal bin Badr.

The meeting reviewed Cairo’s urban experience and the most important projects implemented in Egypt.

The statement explained that the officials also examined the ongoing housing projects in Jeddah and the overall housing strategy in Saudi Arabia.

They also visited two housing sites, several housing units of various designs, and the historic sites in Jeddah.

The Egyptian Minister was accompanied by Deputy Minister of Housing for National Projects Khaled Abbas, Assistant Minister and Supervisor of the Minister’s Office Major General Mohammad Essamedin Ramadan, and Assistant Minister of Housing for Technical Affairs Abdul Khaliq Ibrahim.

The Saudi delegation included General Supervisor of Housing Affairs Nedal Alem, Public Relations and Media Supervisor in Makkah Region Ahmed al-Koudari, and Bilateral Relations, International Relations Manager Mazen al-Saadi.

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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.