Saudi Tourism Minister: The World’s Most Important Income Source Loses One Million Jobs

Saudi Minister of Tourism chairs the Future of Hospitality Summit on the sidelines of the G20 Presidency (Asharq Al-Awsat)
Saudi Minister of Tourism chairs the Future of Hospitality Summit on the sidelines of the G20 Presidency (Asharq Al-Awsat)
TT

Saudi Tourism Minister: The World’s Most Important Income Source Loses One Million Jobs

Saudi Minister of Tourism chairs the Future of Hospitality Summit on the sidelines of the G20 Presidency (Asharq Al-Awsat)
Saudi Minister of Tourism chairs the Future of Hospitality Summit on the sidelines of the G20 Presidency (Asharq Al-Awsat)

Participants at the Future of Global Hospitality Summit said that Saudi Arabia, which currently chairs the G20, was leading great efforts with the member states to revive the tourism and travel sector and save it from the repercussions of the Covid-19 pandemic.

Ahmed Al-Khatib, the Saudi Minister of Tourism, explained that the tourism, hospitality and travel sector contributes to 10 percent of the gross world product, which is equivalent to $9 trillion.

During a conference organized by the Ministry of Tourism and the General Secretariat of the G20, Al-Khatib said that tourism represented the most important source of income in the world.

“Tourism has been affected by the pandemic since the beginning of this year by about 100 million jobs,” he warned.

More than 6,000 leaders, experts and institutions around the world are participating in the conference, which hosted more than 100 speakers from the global hospitality industry. The conference also features a digital platform that supports opportunities to exchange ideas through side meetings, in addition to a virtual exhibition, video networks and advanced technologies for bilateral and live group discussions.

The Saudi minister revealed that about 100 million jobs have been affected by the coronavirus pandemic since the beginning of 2020. He emphasized the need for a high-level coordination between the G20 and major companies operating in the sector in order to develop solutions to restore these jobs through smooth travel and appropriate health measures that would ensure the recovery of tourism.

Al-Khatib also said that the meeting of the G20 ministers with officials from the tourism sector that took place on Oct. 7 was very fruitful.

“We listened to them and tried to build bridges to help them. Protecting jobs is one of our top priorities, in addition to preparing for a quick recovery as well, in aviation and hotels, as everyone is waiting for the resumption of travel, provided that this pandemic is quickly behind us,” he stated.



Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
TT

Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.