Saudi Arabia and China Explore Promising Tourism Opportunities

Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
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Saudi Arabia and China Explore Promising Tourism Opportunities

Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)

Saudi Tourism Minister Ahmed Al-Khateeb met with the Chinese Tourism Association to explore investment opportunities and means to strengthen bilateral ties in the sector. Al-Khateeb also discussed with several investors in Beijing investment prospects in the Kingdom’s tourism industry.

On Thursday, Al-Khateeb launched a global promotional campaign in Beijing, inaugurating the Saudi Travel Expo at the renowned Tian Tan Park, which will run until Oct. 26.

The Saudi delegation, led by Al-Khateeb, included top officials and key partners from the Saudi tourism ecosystem, aiming to elevate Saudi Arabia’s global presence and demonstrate its readiness to welcome Chinese tourists. The delegation held multiple bilateral meetings with China’s Civil Aviation Authority, the Chinese Tourism Association, airlines, and representatives from major companies like Trip.com, Tuniu, Alibaba, Huawei, and Klook.

Several Memorandums of Understanding (MoUs) were signed with prominent Chinese companies, including H World Group and Jin Jiang Group. Al-Khateeb emphasized that this global campaign is part of Saudi Arabia’s efforts to foster closer collaboration with China through strategic partnerships aimed at developing the tourism sectors in both countries. He expressed enthusiasm about welcoming Chinese tourists, particularly following Saudi Arabia’s designation as an official key destination for Chinese travelers.

Fahd Hamidaddin, CEO and board member of the Saudi Tourism Authority, stressed that China is one of the most important international markets for Saudi Arabia. He highlighted the growing interest among Chinese tourists in experiencing the country’s unique and inspiring travel offerings.

The Saudi Travel Expo features interactive exhibits showcasing the beauty of key Saudi destinations such as Diriyah, AlUla, and Al-Baha. Visitors can enjoy photo opportunities against backdrops of famous Saudi landmarks and witness live demonstrations of traditional crafts like sadu weaving, as well as local musical performances. Saudi tourism partners are also offering special travel packages to major destinations like Jeddah, Neom, and the Red Sea, along with the chance to participate in world-class events such as Riyadh Season and MDL Beast.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.