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Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
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Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA

Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate on developing legislation, regulations, and technology in marine tourism.
The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives. The aim is to enhance research, deliver innovation, and improve the visitor experience for tourists in Saudi Arabia's existing, emerging, and future Red Sea coastal destinations.
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. It also assists small and medium enterprises, including administrative, technical, and advisory support.
Through this partnership, SRSA aims to integrate with relevant entities from the public, private, and third sectors to achieve the goals of Saudi Vision 2030, which is to activate the role of coastal tourism as one of the promising and valuable sectors of the national economy.
The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities, as well as planning and implementing other joint initiatives as agreed upon by the two parties.
The MoU reflects SRSA's efforts to expand its strategic partnerships and explore best practices to regulate navigational and marine tourism activities, all while ensuring sustainability and care for the environment.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.