Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
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Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA

The establishment of "the Red Sea National Academy" (TRSNA) was announced during the Human Capability Initiative held in Riyadh to implement joint programs between the Technical and Vocational Training Corporation, Colleges of Excellence and Red Sea Global, to qualify trainees with technical specializations that align with the demands of the labor market in the region.

The announcement of the establishment was made under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom.

TRSNA will be established and operated in Al-Wajh and develop joint training programs that are aligned with the needs of the labor market.

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. The signing of the agreement was sponsored by Minister of Education Yousef Al-Benyan.

The agreement involved the Vice Governor of Planning & Business Development at the Technical and Vocational Training Corporation, Reem Al-Muqbel, CEO of Colleges of Excellence, Eng. Ayman Al-Abdullah, and Group CEO of Red Sea Global John Pagano.

Al-Muqbel underscored the Technical and Vocational Training Corporation's commitment to developing national human resources through various training programs and building strategic partnerships with the private sector to address the labor market's needs for qualified human resources.

Al-Abdullah expressed confidence in TRSNA's ability to supply the tourism sector with qualified Saudis. He emphasized that TRSNA will create a stimulating training environment to enhance creative and innovative skills among trainees, becoming a leading center for education and training in the field of tourism, thereby enhancing the Kingdom's position as a global tourist destination.

Highlighting TRSNA as part of the Strategic Partnership Institutes in the Kingdom emphasizes its commitment to providing high-quality training programs tailored to the evolving demands of the labor market.

Pagano commented that, as one of the core projects in making Vision 2030 a reality, RSG is at the forefront of the Kingdom's growing tourism industry.

It has two hotels open, with an additional four resorts scheduled to open by the end of this year and 19 hotels across The Red Sea and Amaala opening next year.



Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices lost more than 1% on Friday and were heading for a weekly fall on signals of a potential de-escalation in the US-China trade war, including news that China was weighing tariff exemptions for some US goods.

Spot gold fell 1.5% to $3,299.69 an ounce as of 0830 GMT. US gold futures shed 1.1% to $3,310.20.

"Gold is facing challenges in sustaining upward momentum as optimism around a potential US-China trade agreement grows," said Zain Vawda, an analyst at MarketPulse by OANDA.

The dollar jumped reversing losses from the prior day while European shares rose after a media report that China was weighing tariff exemptions for some US goods, stoking hopes for a de-escalation in a spiraling trade war between the world's two largest economies.

A higher dollar makes the bullion more expensive for overseas buyers.

"A US-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said.

US President Donald Trump asserted that trade talks with China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained nearly 26% so far this year. It also touched a record high of $3,500.05 on Tuesday.

Meanwhile, Federal Reserve officials indicated they saw no urgency in revising the monetary policy as they sought more information to determine how the Trump administration's tariffs were affecting the economy.

Non-yielding bullion tends to thrive in a low interest rate environment.

"Now that the market's corrected it will be a good indicator if buying picks up in India," said Ross Norman, an independent analyst.

Spot silver fell 0.6% to $33.36 an ounce, platinum dropped 1.2% at $958.89 and palladium fell 1.6% to $938.78.

Silver was headed for a weekly gain while the other two metals were seen falling for the week.