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Saudi Tourism Development Fund, Banks Sign Deal for up to $43 Bln of Projects

Saudi Arabia’s Tourism Development Fund signed an agreement with Riyadh Bank and Banque Saudi Fransi to finance tourism projects in the Kingdom. (SPA)
Saudi Arabia’s Tourism Development Fund signed an agreement with Riyadh Bank and Banque Saudi Fransi to finance tourism projects in the Kingdom. (SPA)
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Saudi Tourism Development Fund, Banks Sign Deal for up to $43 Bln of Projects

Saudi Arabia’s Tourism Development Fund signed an agreement with Riyadh Bank and Banque Saudi Fransi to finance tourism projects in the Kingdom. (SPA)
Saudi Arabia’s Tourism Development Fund signed an agreement with Riyadh Bank and Banque Saudi Fransi to finance tourism projects in the Kingdom. (SPA)

Saudi Arabia’s Tourism Development Fund on Monday signed an agreement with Riyadh Bank and Banque Saudi Fransi to finance up to 160 billion riyals ($43 billion) of tourism projects in the Kingdom, reported the Saudi Press Agency (SPA).

The agreement will set up mechanisms to finance tourism projects across the kingdom as part of the government’s efforts to develop the sector, a key pillar of Crown Prince Mohammed bin Salman’s Vision 2030 reform strategy to reduce dependence on oil.

The fund, founded in June with an initial $4 billion investment, is part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.

It is intended to launch investment vehicles to develop tourism in collaboration with private and investment banks.

The Kingdom, which opened its doors to foreign tourists in September 2019 by launching a new visa regime for 49 countries, wants the sector to contribute 10% of gross domestic product by 2030.

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Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest US sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
Brent crude futures rose 44 cents, or 0.5%, to $81.73 per barrel by 0443 GMT, US West Texas Intermediate crude futures were up 62 cents, or 0.8%, to $79.3 a barrel.
Brent and WTI have gained 2.5% and 3.6% so far this week.
"Supply concerns from US sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential US interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"The anticipated increase in kerosene demand due to cold weather in the US is another supportive factor," he added.
The Biden administration last Friday announced widening sanctions targeting Russian oil producers and tankers, followed by more measures against Russia's military-industrial base and sanctions-evasion efforts.
Moscow's top customers China and India are now scouring the globe for replacement barrels, driving a surge in shipping rates.
Investors are also anxiously waiting to see any possible more supply disruptions as Donald Trump takes office next Monday.
"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding the incoming Donald Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.
Better demand expectations also lent some support to the oil market with renewed hopes of interest rate cuts by the US Federal Reserve after data showed easing inflation in the world's biggest economy.
Inflation is likely to continue to ease and possibly allow the US central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday.
Meanwhile, China's economic data on Friday showed higher-than-expected economic growth for the fourth quarter and for the full year 2024, as a flurry of stimulus measures came into effect.
However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants pruned output in response to stagnant fuel demand and depressed margins.
Also weighing on the market was that Yemen's maritime security officials said the Houthi militia is expected to announce a halt in its attacks on ships in the Red Sea, after a ceasefire deal in the war in Gaza between Israel and the Palestinian group Hamas.
The attacks have disrupted global shipping, forcing firms to make longer and more expensive journeys around southern Africa for more than a year.