Tourism Minister Inaugurates Saudi Pavilion at WTM London

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
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Tourism Minister Inaugurates Saudi Pavilion at WTM London

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.

Minister of Tourism Ahmed bin Aqeel Al-Khateeb on Monday inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London, SPA said on Tuesday.

The participation reaffirms the Kingdom's leading role in driving the global tourism sector's growth and prosperity. The Kingdom received 17 million tourists in the first seven months of 2023, with a target to reach 30 million tourists by the end of the year.

The WTM, which is hosted annually in London, is one of the world's most important tourism exhibitions.

Saudi Arabia's participation in the exhibition reflects its pioneering and leading role in the global tourism scene, as one of the fastest-growing tourist destinations in the world, taking the 13th position in the number of incoming tourists in 2022.

Furthermore, the first quarter of 2023 witnessed remarkable growth, with a 64% increase in the number of tourists, ranking Saudi Arabia second in terms of the growth of incoming tourists worldwide.

The minister indicated that participating in the exhibition underscores Saudi Arabia's transformation into a leading global tourist destination, reflecting its rich cultural heritage, unique natural landscapes, and tourist attractions.

The Kingdom has positioned itself as a global focal point, as it is making its mark on the international tourism map, the minister said.

Due to the ongoing developments in the sector, he noted that the targets have been increased to aim for 150 million visits and 70 million international tourists annually by 2030.

Moreover, the minister emphasized that the WTM exhibition provides an opportunity for the tourism system to establish strategic partnerships with major global markets.

He said the system aims to use the participation in the exhibition to open new horizons and attract a more diverse range of tourists from around the world, with the aim of highlighting Saudi Arabia's position on the global tourism map.



Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.