Saudi Tourism Minister Announces Support for 17 Tourism Projects in Al-Ahsa

Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
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Saudi Tourism Minister Announces Support for 17 Tourism Projects in Al-Ahsa

Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA

Saudi Minister of Tourism Ahmed Al-Khateeb has met with several investors and entrepreneurs in Al-Ahsa Governorate as part of his tour to various regions and governorates of the Kingdom coinciding with the Saudi winter events calendar.
In the meeting, he highlighted the main investment opportunities in the tourism sector, emphasizing the ministry's commitment to providing comprehensive services and facilities to enable investors to join the promising sector.

Al-Khateeb noted that the tourism ecosystem supports numerous projects in Al-Ahsa, including 17 unique tourism initiatives valued at over SAR3.5 billion, providing more than 1,800 hotel rooms.

The projects aim to boost the tourism sector, leveraging Al-Ahsa's exceptional features that qualify it to become a major tourist destination in the Kingdom and the region, the minister said.

During his tour, he made a stop at the Radisson Blu Hotel in Al-Ahsa, a beneficiary of the Tourism Development Fund. Covering an area of over 10,000 square meters and costing more than SAR200 million, the hotel boasts more than 180 rooms.

It stands as a model tourist destination that combines international luxury with local authenticity, reflecting the unique charm of Al-Ahsa.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.