Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
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Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)

The world’s largest real estate event, Cityscape Global, continued for the second consecutive day in Riyadh, with the participation of more than 350 exhibitors, 300 local and international speakers and 2,000 investors from around the world.

Monday’s agenda included a series of dialogue sessions that focused on the relationship between real estate and financial technology, the future of housing, the power and impact of design, bioeconomy, and financial stability.

The exhibition features five main platforms that host a number of sessions, including: NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

For its part, the Saudi National Housing Company showcased its luxury real estate project in the Khuzam suburb located north of the capital. The project extends over a total area exceeding 77,000 square meters, and provides 220 luxurious residential units, ranging between 350 and 471 square meters.

In addition, the Tourism Development Fund and the Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a cooperation agreement aimed at developing several tourism projects in industrial cities.

Under the agreement, the two bodies will assess various land properties and propose viable tourism projects for each.

Umm Al-Qura for Development and Construction Company, owner and developer of "Masar" Destination, concluded a partnership agreement to develop and operate a 4-star hotel, with investments amounting to SAR 450 million ($120 million).

Umm Al-Qura also announced the signing of an acquisition agreement with Scope International Real Estate Development Company, to construct residential towers in cooperation with international operators, with investments amounting to SAR 900 million ($240 million).



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.