SBIE 2016 features over 200 exhibitors

Updated 11 April 2016
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SBIE 2016 features over 200 exhibitors

JEDDAH: National and international companies are exhibiting their latest products and services at the 25th Saudi Building & Interiors Exhibition (SBIE), which was opened by Jeddah Mayor Hani Abu Ras on Monday.
The silver jubilee event of the show is being held at the Jeddah Center for Forums and Events, with the support of Jeddah Gov. Prince Mishaal bin Majed.
The mayor said: “This exhibition is an important opportunity to meet the growing demand of products and services in the Kingdom’s construction and real estate sector.”
More than 200 companies are exhibiting at the show, with pavilions from China, Egypt and Turkey, and individual companies notably from Arab world, the rest of Asia and Europe.
The four-day exhibition, which ends on April 14, has been organized by Al-Harithy Company for Exhibitions (ACE). It has wide ranging exhibits related to the construction industry, notably the latest technology and materials as well as approaches to interior design decor and furniture.
“The key objective of the exhibition is to display the latest in technology in building and decoration, and also create an ideal platform for local buyers, and regional and worldwide suppliers to come together and do business,” Zahoor Siddique, ACE’s VP, said.
“In a fluid and dynamic market, SBIE helps manufacturers and suppliers track potential buyers. Our trade visitors will also be able to establish new businesses and representations, and outsource their project requirements,” he added.


Oil slips to around $63 as Iran concerns fade for now

Updated 39 min 2 sec ago
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Oil slips to around $63 as Iran concerns fade for now

  • US crude inventories expected to fall for 6th week
  • Goldman cuts 2019 oil demand forecast

LONDON: Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.
Iran’s capture of a British oil tanker last week sparked worries about supply disruptions in the Strait of Hormuz, through which about a fifth of the world’s oil flows, prompting crude to rally on Monday.
But oil prices have since pared some gains. Brent crude fell 31 cents to $62.95 a barrel by 1227 GMT on Tuesday. US West Texas Intermediate crude slipped 23 cents to $55.99.
“The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far,” said Carsten Fritsch, analyst at Commerzbank.
“It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran,” he said.
The tensions come as the United States aims to cut off Iran’s oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices.
As part of US efforts, Washington has imposed sanctions on Chinese state-run energy company Zhuhai Zhenrong Co. Ltd. for allegedly violating restrictions imposed on Iran’s oil sector.
Despite lower Iranian exports and OPEC’s voluntary supply curbs, oil supply is exceeding demand due to strong growth in output from the United States and other non-OPEC producers, according to the International Energy Agency.
A weaker outlook for oil demand because of slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led supply pact.
“Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month,” said Tamas Varga of oil broker PVM.
Goldman Sachs lowered its 2019 oil demand projection on Sunday, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use.
Oil may gain further support from expectations of another drop in US crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks.
The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.