UNWTO Opens First Regional Office in Riyadh

UNWTO Office in Riyadh (UNWTO)
UNWTO Office in Riyadh (UNWTO)
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UNWTO Opens First Regional Office in Riyadh

UNWTO Office in Riyadh (UNWTO)
UNWTO Office in Riyadh (UNWTO)

The World Tourism Organization (UNWTO), a United Nations agency, chose Riyadh for its first regional office in the Middle East and outside the Madrid headquarters.

The opening ceremony in Riyadh was attended by UNWTO Secretary-General Zurab Pololikashvili and Saudi Minister for Tourism Ahmed al-Khateeb.

The Organization chose Riyadh to host its first-ever regional office following the Kingdom’s development of its tourism sector, noting the great Saudi support made during the coronavirus pandemic.

Pololikashvili said that the first Regional Office will be a center of conversation, debate, and decision-making, and bring hope to many people across the region, allowing them to enjoy the social and economic benefits only tourism can deliver.

“Work on the office began after the start of the pandemic, proof of our determination and the strong support of the Kingdom of Saudi Arabia.”

UNWTO described Saudi Arabia as one of its most active members during the past three years.

The new office will serve as a hub for UNWTO to coordinate policy and initiatives across its 13 member states in the region. This includes a number of tourism projects and products, among them the new “Best Tourism Villages by UNWTO”, launched on the occasion of the opening of the Regional Office.

Riyadh will also be home to an expanded UNWTO International Tourism Academy, providing opportunities for people of all backgrounds from across the region, including women and youth.



Oil Prices on Track for Fourth Straight Week of Gains

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Prices on Track for Fourth Straight Week of Gains

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil prices dipped on Friday but were on track for a fourth straight week of gains and were near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.
Brent crude futures, which have risen 7% over the last four weeks, slipped 31 cents, or 0.4%, to $87.12 a barrel by 0415 GMT, Reuters said.
US West Texas Intermediate (WTI) crude futures, which have climbed 9% over the past four weeks, was at $83.70, down 18 cents, or 0.2%. With the US market shut for the Fourth of July holiday on Thursday, trading was thin and there was no settlement for WTI.
Oil rose this week on strong summer demand expectations in the United States, the world's largest oil consumer.
"Market sentiment has been supported this week by strong mobility indicators and intensifying geopolitical tension in the Middle East," analysts at ANZ Research said in a note on Friday.
The US Energy Information Administration (EIA) reported a massive 12.2 million barrel draw in inventories last week, compared with analysts' expectations for a draw of 700,000 barrels.
US data on Wednesday showed that first-time applications for unemployment benefits increased last week while jobless numbers also rose, which analysts said could potentially hasten interest rate cuts by the Federal Reserves and support oil markets.
On the supply side, Reuters reported on Thursday that Russia's oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July.
Traders were also tracking the war in Gaza and elections in France and the United Kingdom, analysts said.