Saudi Tourism Forum Launches its Second Edition

The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
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Saudi Tourism Forum Launches its Second Edition

The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)

The second edition of the Saudi Tourism Forum (STF) began Monday under the auspices of Visit Saudi at the Riyadh International Convention and Exhibition between Jan. 22 and 24.

The Saudi Tourism Ministry hosts the Forum with the Saudi Tourism Authority, Tourism Development Fund, and the Red Sea Authority. It brings together STA representatives with more than 100 other representatives of top destinations, airlines, hotels, travel and tourism companies, and tour operators.

The Forum, organized by 4M Events, aims to enrich the tourism sector, exchange experiences and ideas, and strengthen the partnership between the government and private sectors.

It seeks to provide investment opportunities for companies and investors in the sector and consolidate Saudi Arabia's position as a global tourist destination.

It also presents key projects in the field and discusses events and the industry's future.

CEO and member of STA Board of Directors Fahd Hamidaddin revealed the achievements of the tourism sector by the end of September 2023.

Hamidaddin said that by the end of September 2023, spending from domestic tourism increased to $23 billion, and about $27 billion was spent on inbound tourism.

He added that the new airline seats in 2023 reached 10 million after Wizz Air launched 21 new routes, contributing to 253,000 visits annually and spending $506 million.

Tourism products increased from 200 to 1,500 in 2023 in response to the target groups' increasing demand and diverse requirements.

The official also indicated that 17 travel agencies were added in 2023, adding approximately two million trips annually.

Regarding developing the tourist experience, Hamidaddin explained that more than 70 improvements have been made in the visitor experience through coordination with public and private partners of Visit Saudi.

The new improvements include providing information signs in the Chinese language at airports, meeting some special requirements for travelers from India and China, and ensuring that hotels are prepared for some special requirements for the winter and summer seasons.

The Authority now provides services in 12 languages through more than 18 channels, such as WeChat and applications used in China.

It also allocated 45 phone numbers to help visitors and a special contact number for partners, which has processed more than 57,000 calls since its launch.

Last summer, the service satisfaction rate reached 95 percent.

By Q2, Hamidaddin explained that a dedicated dashboard will be provided to businessmen through business intelligence to highlight visits and expected spending from major markets over the next three years.

He stated that Visit Saudi launched the loyalty Saudi Rewards program, which allows visitors to earn points. It focuses on events and experiences and ensures that partners receive information in a personalized manner.

The program includes 168 partnerships, more than 100,000 registered customers, and strategic partnerships, including Riyadh season.

Also, at the Forum's opening session, the chairman of the Organizing Committee, Hamza Nasser, indicated that the second edition is the result of the partnership with the Visit Saudi platform.

Nasser announced that the number of tourists increased in the Kingdom during 2023.

According to the World Tourism Organization (WTO), the number of tourists rose by 156 percent compared to 2019, and domestic tourism has achieved unprecedented numbers in recent years.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

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 Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

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 climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.