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.



Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar rose for a second day on Wednesday on higher US bond yields, sending other major currencies to multi-month lows, with a report that Donald Trump was mulling emergency measures to allow for a new tariff program also lending support.

The already-firm dollar climbed higher on Wednesday after CNN reported that President-elect Trump is considering declaring a national economic emergency as legal justification for a large swath of universal tariffs on allies and adversaries.

The dollar index was last up 0.5% at 109.24, not far from the two-year peak of 109.58 it hit last week, Reuters reported.

Its gains were broad-based, with the euro down 0.43% at $1.0293 and Britain's pound under particular pressure, down 1.09% at $1.2342.

Data on Tuesday showed US job openings unexpectedly rose in November and layoffs were low, while a separate survey showed US services sector activity accelerated in December and a measure of input prices hit a two-year high - a possible inflation warning.

Bond markets reacted by sending 10-year Treasury yields up more than eight basis points on Tuesday, with the yield climbing to 4.728% on Wednesday.

"We're getting very strong US numbers... which has rates going up," said Bart Wakabayashi, Tokyo branch manager at State Street, pushing expectations of Fed rate cuts out to the northern summer or beyond.

"There's even the discussion about, will they cut, or may they even hike? The narrative has changed quite significantly."

Markets are now pricing in just 36 basis points of easing from the Fed this year, with a first cut in July.

US private payrolls data due later in the session will be eyed for further clues on the likely path of US rates.

Traders are jittery ahead of key US labor data on Friday and the inauguration of Donald Trump on Jan. 20, with his second US presidency expected to begin with a flurry of policy announcements and executive orders.

The move in the pound drew particular attention, as it came alongside a sharp sell-off in British stocks and government bonds. The 10-year gilt yield is at its highest since 2008.

Higher yields in general are more likely to lead to a stronger currency, but not in this case.

"With a non-data driven rise in yields that is not driven by any positive news - and the trigger seems to be inflation concern in the US, and Treasuries are selling off - the correlation inverts," said Francesco Pesole, currency analyst at ING.

"That doesn't happen for every currency, but the pound remains more sensitive than most other currencies to a rise in yields, likely because there's still this lack of confidence in the sustainability of budget measures."

Markets did not welcome the budget from Britain's new Labor government late last year.

Elsewhere, the yen sagged close to the 160 per dollar level that drew intervention last year, touching 158.55, its weakest on the dollar for nearly six months.

Japan's consumer sentiment deteriorated in December, a government survey showed, casting doubt on the central bank's view that solid household spending will underpin the economy and justify a rise in interest rates.

China's yuan hit 7.3322 per dollar, the lowest level since September 2023.