Saudi Arabia to Establish Global Tourism Academy

Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
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Saudi Arabia to Establish Global Tourism Academy

Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo

Saudi Arabia will open a regional office for the United Nations World Tourism Organization (UNWTO) in Riyadh as well as a global academy for tourism training, Minister of Tourism Ahmed al-Khateeb has announced.

Khateeb indicated Wednesday that this move would improve the quality of services provided to tourists.

According to the minister, the academy will have standards that enable it to be among the best in the world.

The Minister said the Kingdom, during its presidency of the G20, sought to address the concerns of all stakeholders in the region with regard to the future of tourism.

The Kingdom has put in place initiatives for the recovery of the global tourism sector, which was the worst hit from the coronavirus pandemic, according to Khateeb.

Saudi Arabia has launched a local initiative to revive the domestic tourism sector covering eight destinations within the Kingdom.

This has been welcomed by citizens and expatriates, Khatib noted, including the UNWTO secretary general who praised the initiative during his visit to the Kingdom last week when he toured a number of Saudi summer destinations.

Khateeb hoped that the Kingdom, together with UNWTO, would launch a set of initiatives to develop the tourism sector in the region.

The Minister also pointed out that the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and the government approved the Ministry’s move to open the regional office and the academy.

Majid al-Hokair, head of the Tourism Committee at the Riyadh Chamber of Commerce and Industry, told Asharq Al-Awsat that the Kingdom is making great progress in tourism as a source of major revenue.

Hokair said it is imperative to train professionals in hospitality, which creates great employment opportunities for both men and women.

He estimated the size of the tourism sector in the Kingdom at $40 billion, expecting larger numbers of tourists seeking to discover different destinations in the Kingdom next year.



Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.