Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.



Stocks Drop as Fresh Trade News Awaited, Oil Down on Iran Hopes

Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
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Stocks Drop as Fresh Trade News Awaited, Oil Down on Iran Hopes

Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP

Equities stuttered Thursday as investors await fresh developments in trade talks, with US partners looking to reach deals to avoid Donald Trump's tariff blitz, while oil extended losses on hopes for an Iran nuclear deal.

With excitement from the China-US detente running out of legs, the search is on for fresh catalysts to drive a rally that has pushed markets back above the levels seen before US President Trump's April 2 "Liberation Day" bombshell, AFP said.

News that Beijing was suspending some non-tariff countermeasures on US entities for 90 days following the superpowers' weekend truce did little to inject much more enthusiasm.

With the tariffs crisis calmed for now, dealers can turn their attention to hard economic data, hoping for an idea about the initial impact of Washington's trade policies.

After figures Tuesday showing US inflation came in a little below forecasts in April, eyes are on wholesale prices and retail sales due later Thursday, as well as earnings from retail giant Walmart.

However, analysts pointed out that the real impact would not be seen until May's figures are released and warned that there were still plenty of bumps in the road ahead.

"The trade truce may hold for now, but the tariffs announced -- many still around 30 percent -- are not disappearing," said Charu Chanana, chief investment strategist at Saxo.

"These are 'sticky' policies that can reshape supply chains, corporate margins, and even inflation. In fact, the market is now preparing for a second shock: weaker economic and earnings data in the third quarter as tariffs bite."

She added that "the muted market reaction the day after the truce suggests investors may be digesting the idea that 'the best news may already be out'".

While Wall Street enjoyed a broadly positive day, with the S&P and Nasdaq up but the Dow down, Asia largely reversed.

Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Manila were all down.

Oil prices sank around two percent on signs that Iran could agree to certain US demands to reach a nuclear deal.

An adviser to supreme leader Ali Khamenei said Wednesday that Tehran could accept far-reaching curbs on its atomic program in exchange for sanctions relief, according to NBC News.

Ali Shamkhani said in an interview that his country could agree to never develop nuclear weapons, give up stockpiles of highly enriched uranium and allow inspectors to nuclear sites -- among other steps -- if economic sanctions were lifted, NBC said.

The commodity had already dropped Wednesday on bets that demand would increase as tensions between China and the United States ease and the tariffs are wound back.