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.



Oil Rises as Mideast Tensions Overshadow China Data Concerns

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Rises as Mideast Tensions Overshadow China Data Concerns

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices climbed on Wednesday, rebounding from 7-week lows, as the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and overshadowed concerns about weak China demand.

Brent crude futures climbed $1.80, or 2.29%, to $80.43 a barrel by 1038 GMT ahead of expiry on Wednesday, while the more active October contract was up $1.85 at $79.92.

US West Texas Intermediate crude futures were up $2, or 2.68%, to $76.73 a barrel.

A 0.4% fall in the US dollar index also lent support to prices. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.

A day earlier Brent and WTI both fell about 1.4%, closing at their lowest levels in seven weeks.

Tension in the Middle East heated up on news that Hamas leader Ismail Haniyeh was assassinated in Iran.

This came a day after the Israeli government claimed it killed Hezbollah's most senior commander in an airstrike on Beirut in retaliation for Saturday's rocket attack on Israel.

Separately, the United States also conducted a strike in Iraq in the latest conflict in the region.

"Overnight developments and elevated geopolitical risk merely provide temporary reprieve for oil benchmarks. Unless oil and gas infrastructure is hit, the latest spike is unlikely to last," said Gaurav Sharma, an independent oil analyst in London.

Still, Brent and WTI are on track in July to post their biggest monthly loss since October 2023 on lingering concerns about China's demand outlook and expectations OPEC+ will stick to their current deal on production and start unwinding some output cuts from October.

Top ministers from OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday.

Slowing fuel demand in China, the world's largest crude oil importer, is also weighing on oil markets.

China's manufacturing activity in July shrank for a third month, an official factory survey showed on Wednesday.

"Concerns about Chinese demand remain elevated as today's PMIs declined, with the manufacturing sector further contracting. This suggests that any additional gains due to intensifying tensions in the Middle East may remain limited and short lived," said Charalampos Pissouros, senior investment analyst at brokerage XM.

In the US, crude, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday.

Data from the Energy Information Administration is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Crude inventories are expected to have fallen by 1.1 million barrels in the week to July 26, forecasts from 10 analysts polled by Reuters showed.