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 Hits One-month High as Prospects for Fed Cuts Rise on Softer US Inflation Data

Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
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Gold Hits One-month High as Prospects for Fed Cuts Rise on Softer US Inflation Data

Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
Gold prices firmed near one-month highs hit earlier on Thursday - File Photo

Gold prices firmed near one-month highs hit earlier on Thursday after a softer-than-expected core US inflation print increased chances of two Federal Reserve rate cuts this year, with the first likely in June.

Spot gold gained 0.3% to $2,704.56 per ounce as of 0934 GMT after hitting its highest level since Dec. 12 earlier in the session. US gold futures gained 0.7% to $2,736.50.

Further gains in safe-haven bullion were, however, limited as Hamas and Israel reached a deal for a ceasefire in Gaza after 15 months of conflict and heightened Middle East tensions, according to Reuters.

Gold rallied to multiple-record highs and is still up nearly 50% since the war began in October 2023.

"Although de-escalating geopolitical tensions can dilute demand for safe havens, bullion is still holding on to most of its post-CPI gains, suggesting that the Fed rate outlook remains the primary driver for gold prices," said Exinity Group chief market analyst Han Tan.

"Gold should find itself in a supportive environment, so long as market participants can hold on to expectations for Fed rate cuts in 2025."

Interest rate futures traders are pricing in near-even odds that the Fed would reduce rates twice by the end of this year, with the first reduction to come in June. Before the inflation data on Wednesday, futures were only pricing a single quarter-point interest-rate cut in 2025.

Core US inflation increased 0.2% in December after rising 0.3% for four straight months.

Central bank officials noted US inflation continues to ease after Wednesday's data, but foresee uncertainty due to anticipated Trump administration policies.

Investors are worried that the potential for tariffs after 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, a hedge against inflation, loses its appeal with higher interest rates.

Elsewhere, spot silver rose 0.7% to $30.87 per ounce and platinum firmed 0.6% to $944.23, while palladium fell 0.8% to $953.49.