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)
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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.



Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.