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.



Oil Prices Stable on Monday as Data Offsets Surplus Concerns

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 Stable on Monday as Data Offsets Surplus Concerns

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 prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.