Saudi Tourism Minister: Kingdom to Provide 250,000 Jobs while Hosting Expo 2030

In a session entitled "Accelerated Progress in the Labor Market" at the Global Labor Market Conference, Al-Khateeb referred to the inauguration of the National Tourism Strategy in 2019. SPA
In a session entitled "Accelerated Progress in the Labor Market" at the Global Labor Market Conference, Al-Khateeb referred to the inauguration of the National Tourism Strategy in 2019. SPA
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Saudi Tourism Minister: Kingdom to Provide 250,000 Jobs while Hosting Expo 2030

In a session entitled "Accelerated Progress in the Labor Market" at the Global Labor Market Conference, Al-Khateeb referred to the inauguration of the National Tourism Strategy in 2019. SPA
In a session entitled "Accelerated Progress in the Labor Market" at the Global Labor Market Conference, Al-Khateeb referred to the inauguration of the National Tourism Strategy in 2019. SPA

Saudi Minister of Tourism Ahmed Al-Khateeb said Thursday the Kingdom will provide 250,000 jobs during its hosting of the Expo 2030 in Riyadh.

He stressed the importance of sustainable jobs that the Kingdom will provide, including 1,000 hotel rooms on the sidelines of the exhibition.

In a session entitled "Accelerated Progress in the Labor Market" at the Global Labor Market Conference, Al-Khateeb referred to the inauguration of the National Tourism Strategy in 2019, which will take the domestic product in this sector from 3% to 10% in 2030, which requires providing one million additional jobs by 2030.

The minister referred to the Kingdom's chairmanship of the Executive Council of the United Nations World Tourism Organization and its hosting of the forthcoming General Assembly of the council under three priorities: the sustainability of the planet and the environment; the assurance of suitable jobs for human beings, tourism growth, travel and double the number of services; and the importance of maintaining place in any tourist destination.

He explained that the world's population will reach 8.5 billion by 2030, noting that there is a digitization process for many services, including the labor market, especially in terms of trade and manufacturing that have been digitized since decades, which has had a negative impact on the labor market.

Al-Khateeb added that the travel and tourism sector represented 10% of the global labor market, and provided 330 million jobs in 2019 before the pandemic, and that airlines and hotels were the most affected sectors globally by losing 60 million jobs, saying: "We are back in the pre-pandemic according to figures by the United Nations World Tourism Organization, and the World Travel and Tourism Council, which is good."

He noted that the tourism sector globally provides 10% of jobs in the labor market, so it is an important sector for growth in the future, stressing the importance of maintaining the human component of the tourism sector as it plays an essential and central role in sharing the cultures from different countries that we travel to.



Gold Prices Retreat from Record High as Investors Cash In

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Prices Retreat from Record High as Investors Cash In

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices pulled back from a record high on Thursday as investors booked profits following a rally driven by concerns around US President Donald Trump's latest wave of tariff policies.

Spot gold was down 0.3% at $3,331.73 an ounce, as of 1120 GMT, after touching a record $3,357.40 earlier in the session. Bullion has gained nearly 3% this week.

US gold futures were steady at $3,346.30.

"Likely the reversal off fresh all-time highs can be attributed to some profit-taking on the highs. A slightly firmer tone to an otherwise weak US dollar likely took the edge off gold," said Ross Norman, an independent analyst, Reuters reported.

"Price dips are well bought into, suggesting underlying sentiment is very positive."

The dollar index recovered from near a three-year low on Thursday, making gold more expensive for holders of other currencies.

Gold rose 3.6% on Wednesday, driven by Trump's order to open a probe into potential tariffs on all critical mineral imports, in addition to reviews into pharmaceutical and chip imports.

Meanwhile, US Federal Reserve Chair Jerome Powell said on Wednesday the Fed would wait for more data before changing interest rates, while also cautioning that Trump's tariff policies risked pushing inflation further from the central bank's goals.

Gold, traditionally viewed as a hedge against inflation, also tends to thrive in a low-interest rate environment.

"The market's interpretation seems to be that gold would benefit either way," said Carsten Menke, an analyst at Julius Baer.

Demand for physical gold was tepid in India this week as a blistering price rally curbed purchases, while premiums held firm in top consumer China.

"Reduced participation in the rally by traditional gold buyers might signal the move is nearer the end than the beginning. But it’s hard to see a scenario where gold would correct lower just now, other than being technically overbought and overextended," Norman said.

Spot silver dropped 1.1% to $32.39 an ounce, platinum shed 1.4% to $954.12, and palladium fell 2.5% to $949.26.