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)
TT

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.



Saudi Aramco: Oil Refining Has Been Underinvested

FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Saudi Aramco: Oil Refining Has Been Underinvested

FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco's vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday.

Around 3 ⁠million barrels per ⁠day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global Energy Middle East ⁠Petroleum and Gas Conference in London.

"Now we realize if you have those refineries you may have definitely mitigated the impacts of the crisis today," he said.

The war in Iran, attacks on energy infrastructure and ⁠Iran's effective ⁠closure of the Strait of Hormuz followed by a US naval blockade, have removed around 14 million bpd of oil supply from Middle East producers to the global market.


OECD Cuts 2026 Global Growth Forecasts Over Mideast War Fallout

A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
TT

OECD Cuts 2026 Global Growth Forecasts Over Mideast War Fallout

A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)

The war in the Middle East has dented economic growth prospects worldwide, with a more severe shock likely if no effective ceasefire is agreed before 2027, the OECD warned Wednesday.

Global economic growth is now forecast to slip to 2.8 percent for 2026 if Gulf exports of oil and gas return to pre-conflict levels in the third quarter, the group of 38 industrialized countries said in its quarterly update.

Previously the OECD had forecast full-year global growth of 2.9 percent.

But if the Middle East war continues into next year, however, global growth could slow to 2.1 percent, the OECD said -- well below the average annual growth of 3.4 percent seen from 2013 to 2019, before the Covid pandemic.

"The longer the disruptions last, the larger the economic and social costs become," the group's chief economist Stefano Scarpetta said in the report.

Many countries would risk falling into recession, he noted, and a drop in investment spending -- "including in energy-intensive AI" -- would likely push up unemployment.

Sustained high prices for energy as well as fertilizer and other key products from hydrocarbon production in the Gulf would weigh especially hard on developing countries that have "higher shares of energy and food in household consumption".

Even if the war sparked by US and Israeli strikes on Iran in late February ends in the coming weeks, the OECD forecast global inflation rising to 4.0 percent this year from 3.4 percent in 2025.

In this "time-limited disruption scenario", the group expects US growth to slow to 2.0 percent this year and 1.8 percent in 2027, after growing 2.1 percent last year.

In the eurozone, where many countries are highly dependent on energy imports, GDP growth will slump to 0.8 percent this year after 1.4 percent last year, assuming a Mideast ceasefire is secured in the coming weeks.


Saudi Non-oil Private Sector Activity Hits 3-month High in May

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
TT

Saudi Non-oil Private Sector Activity Hits 3-month High in May

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

Saudi Arabia's non-oil private sector expanded at the fastest pace in three months in May as domestic demand improved and supply chains stabilized, while business optimism remained subdued amid conflict in the region, a survey showed on Wednesday.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index, compiled by S&P Global, rose to 52.8 in May from 51.5 in April. The 50 mark separates growth from contraction, Reuters reported.

Output accelerated at the ⁠fastest pace in ⁠three months after March's downturn following the start of the Iran war, as firms cited normalizing working conditions, revived contracts and stronger local demand.

Export sales fell for a third straight month, hit by shipping disruption, higher freight and fuel costs, geopolitical tensions and stronger competition. The pace of decline eased only modestly from April's survey-record contraction.

However, supply chains improved, with suppliers' delivery times shortening for the first time in three months as ⁠firms relied ⁠more on local vendors. Backlogs of work rose for an 11th consecutive month, albeit moderately.

“Overall, the latest PMI reading supports the expectation that Saudi Arabia’s non-oil economy will continue its upward trend during the remainder of 2026," said Naif Al-Ghaith, Riyad Bank's chief economist.