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Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
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Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)

In a step that enhances Saudi Arabia's economic, commercial and investment activities, Riyadh is preparing to host the “Big Five Saudi” exhibition for reviewing the latest technologies, innovations and sustainable solutions for construction and leading long-term partnerships.

The Big 5 Saudi exhibition will be opened by Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil.

The exhibition aims to provide a platform for exchanging experiences and providing support to about 400 local and international parties from 35 countries. This is done to enhance cooperation and present more than a thousand solutions and building products to more than 15,000 expected participants who will be attending the exhibition at the Riyadh International Convention and Exhibition Center.

Projects under construction in the Kingdom have a value of over $1.4 trillion, of which the construction and transportation sector account for the lion's share, with a value exceeding $825 billion, according to a report issued by MedProjects.

Muhammad Kazi, vice president of construction at DMG Events, the company organizing the exhibition between March 28 and 31, told Asharq Al-Awsat that it is the first event of its kind in the building materials industry this year.

Kazi noted that the exhibition will feature six sessions with prominent speakers from the Diriyah Gate Development Authority, the Saudi Entertainment Enterprises Company, and the United Nations Global Compact.

The exhibition’s activities, according to Kazi, will deal with sustainable development and leadership in the construction environment in the Kingdom. They will also focus on partnerships to achieve investment in Saudi projects and the adoption of new technologies in the construction industry.

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Business

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.