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Tourism Sector Contributes to 4.45% of Saudi Arabia's GDP

One of the tourism projects planned in AlUla, Saudi Arabia. (SPA)
One of the tourism projects planned in AlUla, Saudi Arabia. (SPA)
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Tourism Sector Contributes to 4.45% of Saudi Arabia's GDP

One of the tourism projects planned in AlUla, Saudi Arabia. (SPA)
One of the tourism projects planned in AlUla, Saudi Arabia. (SPA)

Saudi Minister of Tourism Ahmed al-Khateeb announced that the tourism sector's contribution to Saudi Arabia's gross domestic product (GDP) reached 4.45 percent, noting that the Kingdom will invest over $800 billion in the upcoming ten years.

Speaking at the 10th Arab-China Business Conference in Riyadh on Sunday, Khateeb added that this percentage is set to continue increasing until it reaches the global level of ten percent.

He confirmed that his ministry had devised development plans for the travel and tourism sector, representing three percent of the labor market.

He stated that tourists from over 49 countries can now obtain e-visas electronically since the launch of tourism initiatives.

Any traveler with a Schengen or European visa can enter the Kingdom through various communication channels and easy online applications.

The Saudi tourism sector is one of the principal axes of Vision 2030, said the Minister, indicating that the Middle East is recovering the fastest from the pandemic among the five central regions, contributing to the growth of global travel and tourism.

Moreover, Khateeb said the tourism sector has provided job opportunities, promoted sustainable and social development, and strengthened international and local cooperation.

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Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold pulled back on Tuesday after nearing a four-week high earlier in the session, as a rebound in the dollar and profit-taking added pressure, while investors remained cautious amid ever-changing US trade policies.

Spot gold fell 0.7% to $3,356.75 an ounce as of 1125 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.5% to $3,381.30.

The dollar rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.

"Today, the dollar trades a tad stronger ahead of key US economic data and these developments are the main reason why we are seeing some light profit following yesterday’s strong gain," said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors will be closely watching a likely call this week between US President Donald Trump and Chinese leader Xi Jinping, just days after Trump accused China of breaching an agreement to reduce tariffs and trade restrictions.

The European Commission said on Monday it would push the US to reduce or eliminate tariffs, despite Trump's plan to double steel and aluminium duties to 50%.

Meanwhile, the Trump administration is urging countries to submit their best trade offers by Wednesday, aiming to accelerate talks ahead of a five-week deadline, according to a draft letter seen by Reuters.

The OECD said on Tuesday the global economy was on course to slow from 3.3% last year to 2.9% in 2025 and 2026, trimming March estimates for growth of 3.1% this year and 3.0% next year.

Investors' focus this week will also be on US non-farm payrolls due on Friday and speeches from a slew of Federal Reserve policymakers for clues on the interest rate trajectory.

Zero-yielding bullion tends to do well in a low-interest rate environment.

Spot silver fell 1.5% to $34.26 an ounce, platinum lost 0.6% to $1,056.70, while palladium was up 0.5% at $993.63.