UNWTO Adopts Saudi, Spanish Proposal to Support Global Tourism

Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
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UNWTO Adopts Saudi, Spanish Proposal to Support Global Tourism

Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat

The UN World Tourism Organization (UNWTO) adopted on Friday a joint proposal by Saudi Arabia and Spain to form a UN task force to “redesign tourism for the future,” especially in developing countries.

The task force, co-chaired by Spain and Saudi Arabia, will include representatives of the member states of the UNWTO from all regions of the world.

“During the past few months, I met with more than 100 tourism ministers, where we agreed on the vital role that tourism plays in the economy and the importance of the sector’s recovery to advance the economy to pre-pandemic levels,” said Saudi Tourism Minister Ahmed Al-Khateeb.

“Accelerating the recovery will require a level of international coordination and cooperation that has been absent for much of the past two years,” added Al-Khateeb.

“The UNWTO has a critical part to play, and this requires improvements to its working methods so that they become more effective and more transparent,” he noted.

“This new task force will spearhead these efforts and drive this agenda vigorously forward.”

Spanish Tourism Minister Reyes Maroto said: “We need to strengthen the agenda and workings of the UNWTO, to provide the right foundations for the future of tourism, to ensure real, meaningful, and measurable benefits for member states and for all those who depend on tourism for their livelihoods, as well as to facilitate closer working with the private sector.”

For his part, Najib Balala, Kenyan minister of tourism, said: “Tourism is a critical part of economies, especially in developing countries.

“The pandemic has demonstrated a severe gap in the ability of the UNWTO to support and facilitate international coordination and collaboration for the benefit of the sector globally. The agreement to establish a new task force is an important step forward.

“I look forward to working with this new group to accelerate the recovery and advance this important agenda,” added Balala.



European Shares Slip as Hopes for US-Iran Peace Fade

 The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
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European Shares Slip as Hopes for US-Iran Peace Fade

 The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)

European ‌shares declined on Monday, as hopes for peace in the Middle East ebbed with tensions reigniting after Washington seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

Investors have grown increasingly jittery as the US-Iran ceasefire, set to expire Tuesday, appears fragile.

Iran rejected fresh peace talks with the US just hours after President Donald Trump said he would dispatch envoys to Pakistan ‌while threatening new ‌strikes unless Tehran accepts his terms.

The ‌pan-European ⁠STOXX 600 index ⁠was down 0.8% to 621.52 points as of 0717 GMT.

Major regional markets also fell, with France's CAC and Germany's DAX down 0.9% and 1%, respectively.

The uncertainty marks a sharp reversal from Friday's optimism, when the STOXX 600 jumped more than 1% and ⁠secured its fourth consecutive weekly gain after ‌Iran declared the Strait ‌of Hormuz open.

Energy shares gained 1.9% as crude prices ‌surged., while utilities and telecommunication stocks rose 0.7% and 0.2%, ‌respectively.

Travel and leisure sector led the declines, bearing, down 2%. Banks and automobile stocks dropped 1.8% each.

Among other movers, cash logistics company Loomis was top loser on the European ‌benchmark index after Goldman Sachs downgraded the stock to "neutral" from "buy".

The setback in the ⁠Middle ⁠East conflict comes despite tentative signs of normalization at the Strait of Hormuz.

Although Iran has reimposed a closure of the critical waterway, Kpler data revealed more than 20 vessels carrying oil, metals, gas, and fertilizer passed through on Saturday - the busiest traffic day since March 1.

Elevated oil prices continue to weigh heavily on energy-dependent European economies, keeping investors cautious.

The strait is a conduit for one-fifth of global energy shipments. Brent crude futures advanced 5.3% to $95.19 a barrel after tumbling 9% on Friday.


Saudi Central Bank Governor Says National Model Has Shielded Economy from Shocks

Saudi Central Bank Governor Ayman Alsayari. (International Monetary Fund)
Saudi Central Bank Governor Ayman Alsayari. (International Monetary Fund)
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Saudi Central Bank Governor Says National Model Has Shielded Economy from Shocks

Saudi Central Bank Governor Ayman Alsayari. (International Monetary Fund)
Saudi Central Bank Governor Ayman Alsayari. (International Monetary Fund)

Saudi Arabia’s economy has emerged as a model of resilience and crisis readiness, Central Bank Governor Ayman Alsayari said, citing steady progress under the Kingdom’s Vision 2030 reform agenda.

He stressed that continued implementation of the plan has helped protect the economy from regional shocks, underpinned by solid growth, contained inflation and prudent monetary and fiscal policies.

This strength, he noted, reflects decades of structural reforms and strategic investment in infrastructure and institutions, equipping the Kingdom with the capacity and flexibility to absorb shocks while sustaining investor and consumer confidence.

Addressing the International Monetary and Financial Committee of the International Monetary Fund, chaired by Saudi Finance Minister Mohammed Al-Jadaan, Alsayari highlighted the importance of Saudi Arabia’s diversified energy and trade infrastructure in maintaining supply flows under pressure.

He pointed to long-term investments such as the East-West pipeline, which runs to Red Sea ports in Yanbu, describing it as a vital artery for both Saudi exports and global energy supplies.

The ability to reroute exports and secure access to Red Sea ports and strategic facilities, he said, underscores the importance of long-term planning in preventing supply disruptions.

It also reinforces the need to treat energy security as integral to global financial stability, while avoiding policies that sideline the role of fossil fuels in sustaining trade and growth.

Alsayari warned that the war in the Middle East poses a serious test for the global economy and could revive conditions reminiscent of the stagflation era of the 1970s.

He welcomed progress on the “Diriyah Guiding Principles,” describing them as a milestone in efforts to reform IMF governance after nearly two decades of stagnation. The principles, reflecting the Diriyah Declaration, combine realism and ambition and provide a basis for strengthening the fund’s representation of the global economy.

Alsayari said that the step is essential to enabling the IMF to carry out its core functions in surveillance and lending, while keeping pace with technological shifts such as artificial intelligence and digital assets, and safeguarding the international monetary system against geopolitical risks and stagflation.

Saudi Arabia is translating its economic gains into tangible international support, including a $279 million pledge for IMF capacity development and the opening of a regional office in Riyadh to strengthen cooperation with countries in the region and beyond, Alsayari added.

He also cited platforms such as the AlUla Conference on Emerging Market Economies as tools to share expertise and advance reforms that support resilience and long-term growth.


IEA Proposes Building Iraq-Türkiye Pipeline to Bypass Hormuz

A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. (Reuters)
A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. (Reuters)
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IEA Proposes Building Iraq-Türkiye Pipeline to Bypass Hormuz

A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. (Reuters)
A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. (Reuters)

International Energy Agency Executive Director Fatih Birol proposed building a new oil pipeline linking Iraq’s Basra oil fields and Türkiye’s Mediterranean oil terminal in Ceyhan to bypass the Strait of Hormuz, according to Turkish newspaper Hürriyet.

“I believe a Basra-Ceyhan pipeline could be extremely attractive and a very important project for both Iraq and Türkiye, as well as for regional supply security, especially from Europe’s perspective,” Birol said in an interview with the newspaper.

“I also believe the financing issue can be overcome. Now is exactly the right time.”

He said, “The vase has been broken once, and it is very difficult to fix,” referring to the Strait of Hormuz.

A new oil pipeline “is a necessity for Iraq and an opportunity for Türkiye. It is also a major opportunity for Europe in terms of supply security. I think this should be considered a strategic project,” Birol added.

The war on Iran has disrupted shipping through the Strait of Hormuz, the strategic choke point through which 20% of the world’s oil supply flows, bringing global economic pain in the form of higher prices for gasoline, fertilizer and other staples.

Iraq and Türkiye share the Kirkuk-Ceyhan pipeline, a strategic corridor for transporting crude oil from northern Iraq to the Turkish port of Ceyhan, which began operation in 1976.

Iraq is seeking to rehabilitate the pipeline to overcome export problems, proposing to establish a new line from Basra to Ceyhan as a safe alternative to the Strait of Hormuz and to boost European energy security. On Sunday, Birol suggested building the new line.