Austrian Ambassador: We Aim to Deepen Economic, Investment Cooperation with Saudi Arabia

Austrian Ambassador to Saudi Arabia Oskar Wustinger
Austrian Ambassador to Saudi Arabia Oskar Wustinger
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Austrian Ambassador: We Aim to Deepen Economic, Investment Cooperation with Saudi Arabia

Austrian Ambassador to Saudi Arabia Oskar Wustinger
Austrian Ambassador to Saudi Arabia Oskar Wustinger

Oskar Wustinger, the Austrian Ambassador to Riyadh, has highlighted a robust shared aspiration between Austria and Saudi Arabia that is currently driving private sector companies in both nations to actively bolster bilateral investments across a range of vital sectors.

These sectors encompass infrastructure, transportation, mining, tourism, entertainment, green technology, and renewable energy.

This comes at a time Vienna is looking forward to hosting the upcoming Saudi-Austrian Joint Economic Committee meetings in May 2024.

“Bilateral relations between the two countries are exceptionally robust on both the political and economic fronts,” Wustinger told Asharq Al-Awsat.

“This is evident in the multifaceted nature and scale of participation across various levels, including high-level ministerial meetings,” he explained, reminding that the Saudi minister of economy and planning had recently returned from a successful visit to Vienna.

“We see significant investment opportunities in working together in the realms of infrastructure, transportation, mining, tourism, entertainment, green technology, and renewable energy,” affirmed the diplomat.

“Saudi Arabia’s vast expanses of land and abundant resources in sunlight, wind, and seawater position it favorably to become a key producer of solar and wind energy, in addition to green hydrogen,” he added.

“We explored avenues to deepen bilateral cooperation in areas such as environmental concerns, cybersecurity, and dual education – a highly successful system that combines hands-on corporate training with professional academic education.”

“For instance, an Austrian company is already providing training to apprentices in its factory within the King Abdullah Economic City,” clarified Wustinger.

According to Wustinger, Austrian companies possess leading global capabilities in respective fields and have the necessary expertise to support Saudi Arabia in achieving climate neutrality by 2060.

He also pointed to another sector of mutual interest, which is tourism. This sector significantly contributes to Austria’s GDP and provides employment opportunities for thousands of Austrians.

Wustinger expressed his delight at the recent visit of a delegation of senior officials from the Austrian hospitality sector to Riyadh, as part of a trip organized by the Austrian National Tourism Office.

One of the objectives of this visit was to gain a firsthand assessment of the numerous impressive Saudi tourism initiatives.

He also highlighted a substantial increase in trade between the two nations following the coronavirus pandemic.

In 2022, Austrian exports to Saudi Arabia grew by 51%, reaching 481 million euros ($508.7 million), while Saudi exports to Austria increased by a remarkable 662%, totaling 180 million euros ($190.3 million).

Austrian exports in the first half of 2023 demonstrated a strong upward trend, with Saudi exports to Austria increasing by an impressive 372%.

Wustinger emphasized the growing interest among Austrian companies in engaging with Saudi Arabia.

In March, Austria’s Minister of Labor and Economy Martin Kocher visited Riyadh alongside the largest-ever delegation of Austrian businessmen.

Wustinger also highlighted the successful convening of the Saudi-Austrian Joint Economic Committee in Riyadh in 2022.

Moreover, the commercial section of the embassy had organized an Austrian trade mission in each of Riyadh and Dammam.

There is great anticipation for the upcoming Joint Economic Committee meeting scheduled to take place in Vienna in May 2024, stressed Wustinger.

“Our capital not only hosts official UN headquarters but also accommodates OPEC and OPEC+—two organizations of immense importance to Saudi Arabia,” he noted.

“Many Austrian institutions and companies are eager to contribute significantly to the success of Vision 2030,” said Wustinger in reference to Saudi Arabia’s national transformation plan.

He affirmed that there is always room for further deepening of relationships, particularly at the individual level.

Wustinger indicated his consideration of other areas, particularly in sports, culture, and science.

The ambassador also expressed delight that many Saudi tourists choose Austria as a destination for their vacations.

“We hope to see more Austrian tourists coming to Saudi Arabia to marvel at its natural beauty, cultural heritage, and the warm hospitality of its people,” Wustinger remarked.

There is a significant role played by the Austrian Embassy in Riyadh in promoting bilateral cultural exchange through a wide array of cultural projects involving Saudi and European partners, stressed Wustinger.

He also mentioned that the long-established archaeological mission from the University of Vienna has resumed its work in Saudi Arabia’s Tabuk region.



Ministry of Tourism Highlights Investment Opportunities at FHS Saudi Arabia 2026

The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
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Ministry of Tourism Highlights Investment Opportunities at FHS Saudi Arabia 2026

The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)

Saudi Arabia’s Ministry of Tourism participated in the Future Hospitality Summit (FHS) Saudi Arabia 2026, held in Riyadh from June 22 to 24, bringing together investors, developers, operators, and leading global brands from across the hospitality and tourism sectors.

Through its participation as the Strategic Enabler of the Kingdom's premier hospitality investment forum, the Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector, reported the Saudi Press Agency on Wednesday.

In his opening address, Deputy Minister for Tourism Destinations Enablement Eng. Mahmoud Abdulhadi said: “Saudi Arabia is not asking investors to invest in a promise. It is inviting them into a market already moving at scale.”

Highlighting the breadth of this opportunity, he added: “Saudi tourism is not built on one project, one city, or one market segment. It is a national portfolio of destinations shaped for diverse demand.”

Abdulhadi also participated in a fireside chat titled “From Opportunity to Bankability: Saudi Tourism’s Next Investment Chapter,” where he stressed that Saudi Arabia’s tourism sector has entered a new phase focused on elevating the quality of the visitor experience.

“My advice to investors is simple: come, explore, and engage with the ecosystem. The opportunity is not only in building assets, but in creating high-quality experiences for the traveler,” he said.

Throughout the three-day event, the Ministry of Tourism presented Saudi Arabia’s evolving tourism landscape, highlighting its efforts to foster an investment-enabling environment and unlock new opportunities across the Kingdom’s destinations in support of Saudi Vision 2030 and the sector’s long-term growth.

The Ministry also introduced local and international investors to its targeted incentive programs and initiatives designed to support their investment journey, most notably the Tourism Investment Enablers Program (TIEP) and the Hospitality Investment Enablers (HIE) initiative.

During FHS, the Ministry launched the Global Investment in Saudi Tourism report, which highlights key growth indicators in the sector, the expansion of leading global hospitality brands in the Saudi market, and ongoing efforts to strengthen the Kingdom’s position as a premier global destination for tourism investment.

The Ministry of Tourism’s participation in FHS Saudi Arabia 2026 forms part of its ongoing efforts to engage local and international investors and partners, unlock high-quality investment opportunities, and support private sector participation in the development of the tourism industry, advancing the objectives of the National Tourism Strategy and Saudi Vision 2030.


Gold Drops Below Key $4,000 Level as Dollar Firms, Rate Hike Bets Rise

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Drops Below Key $4,000 Level as Dollar Firms, Rate Hike Bets Rise

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices fell more than 3% and traded below a key psychological level of $4,000 per ounce, under pressure from a firmer US dollar and growing expectations of interest rate hikes.

Spot gold fell 3.4% to $3,968.41 an ounce as of 1312 GMT, after hitting its lowest level since November 2025.

US gold futures declined nearly 4% to $3,984.40.

The US dollar firmed, making dollar-priced bullion more expensive for holders of other currencies.

Traders have ramped up bets on US interest rate hikes this year after the US central bank struck a hawkish tone at its latest policy meeting and as fears of inflationary pressures stemming from the Iran war persist.

"The market pricing a rate hike as soon as September due to a hawkish Fed, a surging dollar at 13-month highs combined with lower inflation expectations are putting heavy pressure on precious metals," Tai Wong, an independent metals trader, said.

"For gold, there is support just under $3,900 and central bank purchases continue, so a collapse is unlikely, but expect a potentially long period of consolidation as the gold trade is now out of favor," he added.

Gold becomes less attractive to investors when interest rates rise because it offers no yield.

Spot gold, which scaled a record peak of $5,594.82 in late January, has since shed over $1,600 an ounce.

ING analysts cut their gold forecasts, now expecting prices to average $4,300 an ounce in the third quarter of 2026 and $4,600 in the fourth, compared with their previous projections of $4,850 and $5,000, respectively, according to Reuters.

Investors are also awaiting US Personal Consumption Expenditures data, the Fed's preferred inflation measure, due on Thursday for further signals on the monetary policy outlook.

More hawkish signals from Fed officials or economic data that supports the argument for higher rates may translate to further downside risk for gold, said Lukman Otunuga, senior research analyst at FXTM.

Among other metals, spot silver fell 6% to $58.28 per ounce after hitting its lowest level since December 2025.

Platinum lost 4.3% to $1,580.76, and palladium dropped 4.9% to $1,177.50.

 

 

 


Oil Extends Slide to More than 1% on Expectations of Smoother Crude Flows via Hormuz

Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
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Oil Extends Slide to More than 1% on Expectations of Smoother Crude Flows via Hormuz

Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)

Oil prices fell more than 1% on Wednesday, extending this week's losses to hit fresh four-month lows on signs that more oil tankers are set to move out of the Strait of Hormuz.

Brent crude futures were down $1.37, or 1.8%, at $75.71 a barrel by 0805 GMT. US West Texas Intermediate slipped by $1.08, or 1.5%, to $72.13.

Brent touched a low of $75.60, its weakest level since February 27, the day before the initial US-Israeli strikes on Iran. WTI fell as low as $72.03, the weakest since March 3.

"While there are early encouraging signs of increased tanker activity, the market is pricing in the broader scenario of Iranian oil re-entering the global market and the Strait of Hormuz normalising," said Tim Waterer, chief market analyst at KCM Trade.

"If sanctions are eased, Iranian production and exports could ramp up relatively quickly given the substantial amount stored on tankers — we are likely talking weeks rather than months," Waterer added, Reuters reported.

Prices have also come under pressure this week from the 60-day sanctions waiver Washington granted Tehran after initial peace talks, allowing Iran to sell oil, and from an easing of hostilities in Lebanon, with prices approaching pre-war levels.

Ship-tracking data showed that three stranded supertankers passed through the strait on Tuesday. The UN shipping agency said an evacuation plan is under way to enable hundreds of stranded ships to sail through the strait after the US-Iran ceasefire deal.

On Tuesday, Oman and Iran agreed to press on with discussions about managing navigation in the strait. US Secretary of State Marco Rubio said that any attempt by Iran to levy transit fees would violate international law.

Uncertainty remains over the durability of the accord, however. US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into "infinity", though Tehran said it had made no such concession.

"Markets are currently assigning too much confidence to a favorable outcome without fully discounting the risks associated with unresolved nuclear issues and inspection disputes," said Mark Malek, CIO at Siebert Financial.

Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region.

Meanwhile, US crude stocks fell by 765,000 barrels in the week to June 19, market sources said, citing data from the American Petroleum Institute.

Nine analysts polled by Reuters estimated, on average, that crude inventories fell by about 4.5 million barrels in the past week.