Saudi Arabia Launches Strategy to Develop Human Capital in Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib announces a strategy to develop human capital in the tourism sector. (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib announces a strategy to develop human capital in the tourism sector. (Asharq Al-Awsat)
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Saudi Arabia Launches Strategy to Develop Human Capital in Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib announces a strategy to develop human capital in the tourism sector. (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib announces a strategy to develop human capital in the tourism sector. (Asharq Al-Awsat)

Saudi Arabia rolled out on Tuesday a 20-program strategy designed to develop human capital in the tourism sector and with the aim to create over a million jobs by 2030.

The strategy is an extension of the Kingdom’s Vision 2030 and its tourism development program which is focused on achieving overall growth in domestic tourism revenues.

The strategy was announced at an inauguration ceremony organized by the Saudi Tourism Ministry in the town of Diriyah.

Minister of Tourism Ahmed Al-Khatib said that the strategy gives the promise of creating more tourism sector jobs.

A million jobs will be created in the tourism sector by 2030, he said, pointing out that the Kingdom had opened up its doors to tourists from around the world a year ago.

As of September 28, 2019, tourist visas have been issued by Saudi authorities on a one-year, multiple-entry basis, allowing them to spend up to 90 days in the country.

Al-Khatib highlighted that the new strategy encompasses 20 programs offered through international and local partnerships and was formulated to draw clear lines so that the younger generation in the Kingdom would engage in the tourism and hospitality professions.

He stressed that his ministry desires to qualify young Saudi female and male citizens according to international hospitality standards.

The Tourism Ministry has a clearly defined nationalization strategy in the sector as increasing the rates of localization in the sector would enable tourists to interact with citizens and experience Saudi hospitality.

Al-Khatib talked about the work needed for the sector to recover across the world after being hit by the coronavirus pandemic.

The minister revealed that about 100 million jobs have been affected by the pandemic since the beginning of 2020.



Oil Gains Capped by Uncertainty over Sanctions Impact

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 Gains Capped by Uncertainty over Sanctions Impact

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 crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT. US West Texas Intermediate crude was up 26 cents, or 0.34%, at $77.76.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that "the full impact on the oil market and on access to Russian supply is uncertain".

A fresh round of sanctions angst seems to be supporting prices, along with the prospect of a weekly US stockpile draw, said Ole Hansen, head of commodity strategy at Saxo Bank, Reuters reported.

"Tankers carrying Russian crude seems to be struggling offloading their cargoes around the world, potentially driving some short-term tightness," he added.

The key question remains how much Russian supply will be lost in the global market and whether alternative measures can offset the , shortfall, said IG market strategist Yeap Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day (bpd) in 2026, maintaining a similar growth rate to 2025, the producer group said on Wednesday.

The 2026 forecast aligns with OPEC's view that oil demand will keep rising for the next two decades. That is in contrast with the IEA, which expects demand to peak this decade as the world shifts to cleaner energy.

The market also found some support from a drop in US crude oil stocks last week, market sources said, citing American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 2.6 million barrels last week while gasoline inventories rose by 5.4 million barrels and distillates climbed by 4.88 million barrels, API sources said.

A Reuters poll found that analysts expected US crude oil stockpiles to have fallen by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration (EIA) is due at 10:30 a.m. EST (1530 GMT).

On Tuesday the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day (bpd) while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted that Brent crude will drop 8% to average $74 a barrel in 2025 and fall further to $66 in 2026 while WTI was projected to average $70 in 2025, dropping to $62 in 2026.