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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)
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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.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.