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Venezuela Says ‘Extraordinary’ Opportunities Available for Tourism Cooperation with Saudi Arabia

A view of Riyadh during Riyadh Season. (SPA)
A view of Riyadh during Riyadh Season. (SPA)
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Venezuela Says ‘Extraordinary’ Opportunities Available for Tourism Cooperation with Saudi Arabia

A view of Riyadh during Riyadh Season. (SPA)
A view of Riyadh during Riyadh Season. (SPA)

Venezuela’s Minister of Tourism Leticia Gomez said “extraordinary” opportunities for bolstering tourism cooperation with Saudi Arabia were available in line with the joint economic vision aimed diversifying sources of income and ending reliance on oil.

In remarks to Asharq Al-Awsat, she said the Kingdom was a strategic partner to Venezuela, especially given the alignment of their visions on investment and tourism development.

The minister is in Riyadh to attend the UN Tourism General Assembly.

“Our inbound tourism is an undeniable success story. The indicators reveal sustained growth of over 71% year-on-year average variation in the flow of international visitors,” Gomez told Asharq Al-Awsat.

“We project to go from 62,000 visitors in 2019 to a goal of almost three million (3,048,759) by the end of 2025, which is a testament to international confidence in our safe and peaceful environment,” she added.

On her participation in the General Assembly, she stated: “Our main purpose is twofold: first, to reaffirm Venezuela's commitment to positioning itself as a destination with great potential due to its natural beauty, sustainability, and excellent service; and second, as a destination of peace, megadiversity, and hospitality, open to investment and the future, in line with the 2030 Agenda.”

Venezuela’s Minister of Tourism Leticia Gomez. (Asharq Al-Awsat)

“The central theme of this Assembly, ‘The Impact of Artificial Intelligence and Innovation on the Future of Global Tourism,’ is our top priority for discussion,” she went on to say. “In Venezuela, we are promoting the intelligent use of Artificial Intelligence and technology to modernize the tourism experience with a focus on sustainability.”

“Technology should serve to improve efficiency and traveler satisfaction, allowing people to focus on what is essential: relaxation, healthy recreation, intimacy, and contact with other cultures,” she stressed.

“The fundamental challenge is maintaining stability and security while embracing global innovations,” continued the minister. “In this regard, we have attended various specialized tourism fairs showcasing the authentic and true face of Venezuela, dismantling a negative media campaign.”

“Regarding technological and human integration, the greatest challenge is how AI and innovation can enhance the experience without diminishing the value of intimacy and cultural connection that travelers seek. We overcome this by applying technology with a focus on sustainability that prioritizes human satisfaction,” added Gomez.

“Similarly, we want to consolidate Venezuela as a gateway to and from other countries in the region. We are actively seeking to develop multi-destination packages with sister nations so that tourists can combine our sun and beaches, mountains, plains, rainforest, snow, nature, and cultural experiences with other Caribbean and Latin American destinations,” she said.

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Business

Gold Gains with Fed Rate Decision in Spotlight

A shop attendant displays pairs of gold bracelets for Chinese weddings during a media preview of the Chow Tai Fook Jewellery Group flagship store soft opening, in Hong Kong, China, February 11, 2026. (Reuters)
A shop attendant displays pairs of gold bracelets for Chinese weddings during a media preview of the Chow Tai Fook Jewellery Group flagship store soft opening, in Hong Kong, China, February 11, 2026. (Reuters)
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Gold Gains with Fed Rate Decision in Spotlight

A shop attendant displays pairs of gold bracelets for Chinese weddings during a media preview of the Chow Tai Fook Jewellery Group flagship store soft opening, in Hong Kong, China, February 11, 2026. (Reuters)
A shop attendant displays pairs of gold bracelets for Chinese weddings during a media preview of the Chow Tai Fook Jewellery Group flagship store soft opening, in Hong Kong, China, February 11, 2026. (Reuters)

Gold prices ticked up on Wednesday as oil prices eased, while market participants looked ahead to the US Federal Reserve's policy decision, with a rate hike largely priced in.

Spot gold was up 0.8% at $4,328.39 per ounce, as of 0310 GMT, after scaling a more than one-month low on Monday. US gold futures for December delivery were down ‌0.9% at $4,369.50.

"A ‌hawkish Fed could pull gold down, ‌while ⁠any soft messaging may ⁠ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the Middle East," said Frank Walbaum, a market analyst at trading platform Naga.com.

Gold is often seen as an inflation hedge, but higher rates increase the opportunity cost of holding ⁠non-yielding bullion.

Oil prices fell after an unexpected ‌build in US crude inventories, ‌while investors assessed supply risks after Saudi Arabia suspended oil loading ‌at its Yanbu port.

Traders are pricing in a ‌92.4% chance of at least a 25-basis-point US rate hike later in the day, according to CME FedWatch. The policy decision will be followed by a press conference from Fed Chair Kevin ‌Warsh.

On the geopolitical front, Saudi Arabia air defenses destroyed a Houthi drone south of ⁠Makkah before ⁠it entered prohibited airspace over the holy city, a spokesperson for the Saudi-led military coalition in Yemen said.

Commerzbank said it was somewhat surprising that gold prices had not come under greater pressure so far. It noted that gold's resilience may be supported by persistent fiscal concerns, reflected in elevated long-term government bond yields, as well as a recent rise in US political risks.

Among other metals, spot silver rose 1.5% to $64.60 per ounce, platinum edged 0.7% higher to $1,788.25, while palladium gained 1.6% to $1,309.80.

Business

Saudi Cement Companies Balance Investment Gains, Demand Prospects

Saudi Cement Company’s factory. (Saudi Cement Company)
Saudi Cement Company’s factory. (Saudi Cement Company)
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Saudi Cement Companies Balance Investment Gains, Demand Prospects

Saudi Cement Company’s factory. (Saudi Cement Company)
Saudi Cement Company’s factory. (Saudi Cement Company)

Saudi Arabia’s listed cement companies maintained high profitability in the first half of 2026 despite wide disparities in performance and differing sources of growth. Combined net profit stood at about SAR 1.1 billion ($293.9 million), down a modest 2.4% from a year earlier, while the sector recorded profit growth in the second quarter.

The results show that cement and clinker sales were not the only drivers. Investment income, gains from the revaluation and disposal of some underused assets, and tighter control of expenses and financing costs supported several companies. Those farther from major demand centers faced greater pressure from transportation and logistics costs, financing burdens and excess production capacity.

While major producers, led by Yamama Cement Co., Saudi Cement Company and Eastern Province Cement, continued to lead sector profits, the results raise a more important question for the period ahead: To what extent do these profits reflect a sustainable improvement in operating activity, and how much have they benefited from investment and non-recurring items?

Thirteen companies posted first-half profits. Yamama Cement led with net profit of SAR 265.39 million, up 0.88% from SAR 263.08 million a year earlier. Saudi Cement followed with SAR 202.2 million, down 0.88% from SAR 204 million, while Eastern Province Cement ranked third, with profit rising 12.8% to SAR 141 million from SAR 125 million.

Second-quarter net profit for the sector reached SAR 508.7 million ($135.7 million), up 2.27% from SAR 497.4 million ($132.6 million) a year earlier. Nine companies reported profit growth, seven posted declines, while Al-Jouf Cement Company deepened its net losses.

Mohamed Hamdy Omar, CEO of G.WORLD, told Asharq Al-Awsat that the results presented a mixed picture: While the overall figures demonstrate the resilience of financial buffers and the ability of leading companies to adapt, they also reveal wide operational and structural disparities across the sector.

Omar identified four main factors supporting first-half profits, led by non-operating items. Cement and clinker sales were not the sole drivers of profitability, with gains from the fair-value revaluation of investments and capital gains from the disposal of some underused assets also supporting results.

Riyadh Cement Company plant. (Riyadh Cement Company)

He cited Yamama Cement as a prominent example, saying it benefited from the sale of equipment from the old plant’s production lines, as well as investment income.

Spending efficiency and financing-cost management also supported major companies. Saudi Cement and Eastern Province Cement reduced selling and distribution expenses and controlled financing costs, helping limit pressure on profit margins.

Companies based in Riyadh and the Eastern Region also benefited from proximity to major demand centers and projects, Omar said. The accelerated implementation of infrastructure projects and urban expansion provided operating volumes that helped them better absorb cost fluctuations.

Performance gap

Companies farther from major demand centers faced greater operational and logistical challenges. Omar pointed to an approximately 96.4% decline in Tabuk Cement Company’s profit and deeper losses at Al-Jouf Cement, attributing this to higher transportation and logistics costs and heavier financing and debt-servicing burdens among highly leveraged companies or those with lease-based financing structures.

Omar noted that the gap underscored the importance of geography and company size in determining competitiveness, particularly in a market characterized by excess production capacity and uneven regional demand.

He cautioned that relying on asset sales or investment portfolio revaluations to support profits was temporary and could not guarantee sustainable growth.

The real test would be a recovery in domestic demand and improvement in average selling prices per ton, he added.

Lower interest rates could ease debt-servicing burdens, potentially improving net margins and providing greater liquidity for rehabilitation and expansion.

Omar noted that mergers and acquisitions could become a more pressing strategic option as the performance gap between large and small producers widens, helping companies strengthen pricing power, reduce administrative and general expenses and address excess production capacity.

The ability to sell surplus production in neighboring regional markets will remain crucial in the second half, he stressed, alongside energy costs and feedstock-use efficiency.

Business

Oil Slips on US Stock Build, Middle East Disruptions Limit Losses

An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
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Oil Slips on US Stock Build, Middle East Disruptions Limit Losses

An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)

Oil prices fell on Wednesday, retreating after a two-day rally following an unexpectedly large build in US crude inventories, while supply disruptions in the Middle East lingered.

Brent crude futures fell 73 cents, or 0.67%, to $108.02 a barrel at 0450 GMT, while US West Texas Intermediate futures were down $1.1, or 1.04%, at $104.73 a barrel.

Both benchmarks settled more than $3 higher and at their highest levels since May 19 on Tuesday.

US crude oil, ‌gasoline ⁠and distillate inventories ⁠all rose last week, market sources said on Tuesday, citing data from the American Petroleum Institute.

Crude inventories rose by 7.1 million barrels in the week ended September 11, the sources said, citing API data. That compared with analysts' expectations for a draw of about 1.6 million barrels, according to a Reuters poll.

API's data showed unexpected builds in gasoline and diesel inventories have weighed on prices, but regional stock ⁠increases do not change the underlying tightness in the global ‌crude market, Haitong Futures said in a ‌note.

Despite the inventory pressure, prices remained resilient as traders focused on disruptions to physical supplies, ‌said Priyanka Sachdeva, head of market insights at Phillip Nova, in a report ‌on Wednesday.

European diesel futures rose to a record high on Tuesday, further highlighting tightness in fuel markets as Middle East disruptions constrained ‌crude and product flows.

Visible vessel transits through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday, falling well short of the 10-day average of 18.

The drop in traffic through the waterway that handled a fifth of the world's oil and liquefied natural gas supply before the US-Israeli war on Iran started comes after attacks in the region intensified.