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.



Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.