Saudi Housing Ministry Launches Kingdom’s First Metaverse Platform

The NHC has developed the new service using latest technologies and keeping pace with global trends. (Asharq Al-Awsat)
The NHC has developed the new service using latest technologies and keeping pace with global trends. (Asharq Al-Awsat)
TT

Saudi Housing Ministry Launches Kingdom’s First Metaverse Platform

The NHC has developed the new service using latest technologies and keeping pace with global trends. (Asharq Al-Awsat)
The NHC has developed the new service using latest technologies and keeping pace with global trends. (Asharq Al-Awsat)

The Ministry of Municipal, Rural Affairs and Housing announced the launching of Sakani Metaverse, the first platform of its kind in the Kingdom, in a step that aims at exploiting the interactive technology to raise the quality of life.

The announcement came during the ministry’s participation in the LEAP 2023 conference, which concluded in Riyadh on Thursday.

Eng. Rayan bin Abdullah Al-Aql, head of Individual Solution Sector at National Housing Company (NHC), said that Sakani Metaverse would expand the services provided to the beneficiaries, and improve their experience.

The platform will allow real estate buyers to view the properties through the Metaverse, without the need to conduct field visits.

The NHC has developed the new service using latest technologies and keeping pace with global trends.

Al-Aql noted that Sakani Metaverse is an interactive technology that would help in raising the level of quality of life, by showing the beneficiaries the various housing options, and providing new horizons for cooperation and investment with partners from real estate developers and brokers.

The second edition of LEAP - the largest technological conference of its kind in the world - was held this year in Riyadh under the slogan, “Towards New Horizons”.

More than 700 experts, scientists and specialized companies from around the world discussed the latest developments in virtual reality, creative economy, edutech, retail, Fourth Industrial Revolution, future energy, smart cities, fintech, and healthtech.

Meanwhile, the Ministry of Municipal, Rural Affairs and Housing signed agreements to improve urban planning services and develop infrastructure in cities, during its participation in an exhibition held on the sidelines of LEAP 2023.

The agreements aim to strengthen governance and exchange experiences between the government and private sectors, which will reflect positively on the urban landscape and raise the quality of life of residents.



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)
TT

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.