Saudi Arabia: Soudah Development to Boost Tourism in Region

 Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
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Saudi Arabia: Soudah Development to Boost Tourism in Region

 Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)

Saudi Arabia's Crown Prince Mohammad bin Salman announced on Wednesday the launch of the Soudah Development Company, in the Asir, with expected investments exceeding 11 billion riyals ($2.9 billion).

According to experts, the project will involve a diversity of urban developments and activate the investment of the country's different terrain.

They also said that the new company would revive several sectors in the region, the most important of which are real estate, construction and retail.

Saudi Minister of Tourism Ahmed Al-Khatib, emphasized the Crown Prince’s support to the tourism sector, whether through the major projects in the Red Sea to promote sun and sea tourism, or through the launching of Al Soudah Development, which will attract tourists to a mountainous region.

Ajlan Al-Ajlan, Chairman of the Council of Saudi Chambers, said that the launch of the company with investments worth more than 11 billion riyals constituted a strategic investment that would increase opportunities for entrepreneurship and generate more jobs in the region.

For his part, Vice Chairman of the Chamber of Commerce and Industry in Riyadh and Chairman of the Tourism Committee, Nayef Al-Rajhi, told Asharq Al-Awsat that the Kingdom “possesses all what's needed for tourism success, due to the different topography of its various regions that suit the requirements of all societal groups.”

Al-Rajhi stated that the project would provide thousands of direct and indirect jobs that would enable citizens to enter the labor market, thus reducing the unemployment rate. It would also offer many opportunities for companies specialized in tourism, hospitality and entertainment services.

In remarks to Asharq Al-Awsat, Muhaidib Al-Muhaidib, General Manager of Al-Sarh Travel and Tourism Company, stressed the importance of diversifying the options for the Saudi, Arab and foreign tourists, from resorts on the sea and desert areas, in addition to transforming the Soudah area into a new mountainous tourist destination that will further develop the Saudi tourism sector.



Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.