Bahrain Awaits Reception of 9 Million Saudi Tourists Post Coronavirus

The King Fahd Causeway | Asharq Al-Awsat
The King Fahd Causeway | Asharq Al-Awsat
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Bahrain Awaits Reception of 9 Million Saudi Tourists Post Coronavirus

The King Fahd Causeway | Asharq Al-Awsat
The King Fahd Causeway | Asharq Al-Awsat

Bahrain’s tourism and entertainment sector is preparing for the return of visitors, especially Saudi tourists, as Gulf Cooperation Council member states move towards easing COVID-19 preventative restrictions.

Tourists are patiently awaiting the reopening of the King Fahd Causeway which links Saudi Arabia to Bahrain. The bridge was closed on March 7 as part of the precautionary measures taken by Saudi Arabia to curb the spread of the coronavirus.

According to information received by Asharq Al-Awsat, the regular meeting of the Bahrain Coordination Committee pointed to the possibility of the reopening of the bridge on July 27, with the setting of strict protocols to limit the spread of the coronavirus.

Concerned authorities took the interruption of the movement between the two countries as an opportunity to complete development projects, the King Fahad Causeway Authority announced the continuation of the implementation of a comprehensive development and improvement plan for both the Saudi and Bahraini sides.

In a tweet, the Authority said that work is ongoing to launch the first phase of an e-payment system for the King Fahd Causeway gates on both sides.

The daily average number of travelers across the King Fahd Causeway is 75,000 passengers, while the Economic Development Council in the Kingdom of Bahrain - a government agency - is working to attract investments and diversify the Bahraini economy.

In 2019, Bahrain welcomed 11 million visitors, the vast majority of them were from Saudi Arabia. Around nine million Saudi tourists made up 88% of the total visitors to Bahrain.

The tourism sector, according to the Economic Development Board, contributes 6.3% of Bahraini GDP, with annual revenues of about $ 13 billion.

"The precautionary closure of the bridge to private vehicles has acted as a catalyst for long-planned upgrade work, while commercial drivers are still able to pass through each day enabling critical continuity for the logistics sector," Abdul Hakim Al Shammari, Chairman of Commercial Market Committee and Board Member of the Bahrain Chamber of Commerce and Industry (BCCI), said.



Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.