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Saudi Arabia Launches Major Partnerships, Agreements to Boost Tourism

Saudi Arabia launches significant partnerships and agreements to boost tourism and hospitality (Asharq Al-Awsat)
Saudi Arabia launches significant partnerships and agreements to boost tourism and hospitality (Asharq Al-Awsat)
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Saudi Arabia Launches Major Partnerships, Agreements to Boost Tourism

Saudi Arabia launches significant partnerships and agreements to boost tourism and hospitality (Asharq Al-Awsat)
Saudi Arabia launches significant partnerships and agreements to boost tourism and hospitality (Asharq Al-Awsat)

Several global partnerships and agreements enhancing the tourism sector in Saudi Arabia were accomplished at the Future Hospitality Summit, which concluded Wednesday.

Saudi Arabia hosted the second edition of the Future Hospitality Summit under the theme "Reimagined Horizons" on the 24th and 25th of May at Riyadh Airport Marriott Hotel.

The Red Sea Development Company (TRSDC) announced it signed three new management agreements with international brands to operate resorts in the first phase of development at the Red Sea destination.

Chief business officer at the Saudi Tourism Development Fund (TDF) Wahdan al-Kadi said that the project presents a significant opportunity to attract more investors to the Kingdom's tourism sector, resulting in job creation and improving the overall quality of life, and the development of tourism destinations.

TDF signed a financing agreement with Rimal al-Khobar Real Estate Company Ltd., co-owned by Retal Urban Development Co. and Assayel Arabia, to develop the first Nobu complex in the Eastern Province.

"The Saudi tourism sector is undergoing a major development drive, and we are committed to enabling private sector investors' participation and providing them with the necessary support to develop quality tourism projects across the country," noted Kadi.

He noted that the Nobu project reflects investors' confidence in the Kingdom and signals strong support for tourism development projects.

"Agreements like this are testament to the crucial role that TDF plays in advancing the Kingdom's economic diversification."

Meanwhile, the CEO of Dur Hospitality, Sultan al-Otaibi, explained that the summit helps exchange ideas and experiences between industry leaders and investors in the hospitality sector.

Otaibi told Asharq Al-Awsat that the sector is recovering after the coronavirus, which was reflected in the performance in the first quarter of this year.

He stated that the conference helped launch several investment partnerships in the industry and global operators that are in line with the requirements of the next stage, reiterating the importance of the conference's continuity in implementing the Kingdom's hospitality sustainability plans.

Otaibi expected an increase in investment in tourist villages and resorts in the Kingdom during the coming period, pointing out that demand signals a promising future for the sector in Saudi Arabia.

CEO at TRSDC John Pagano confirmed that the signing of the recent agreements is evidence of the increasing demand for opportunities in the rapidly growing tourism market in the Kingdom.

"This announcement demonstrates industry confidence in The Red Sea Project, with a total of 12 hospitality brands now confirmed, and signifies a growing appetite from global leaders to participate in expanding the Saudi tourism market. With two brands now entering the region for the first time, I believe the future of tourism in the Kingdom is bright," said Pagano.

Three renowned luxury brands will join a group of the most prominent international hospitality brands that have previously concluded agreements to manage and operate hotels in the Red Sea, most notably EDITION Hotels and St Regis Hotels & Resorts, which is part of Marriott International, Fairmont Hotel & Resorts, Raffles Hotels & Resorts, and SLS Hotels & Residences, part of global hospitality group Accor.

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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)
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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)

The European Commission on Saturday urged EU member countries to lower their target for filling natural gas storage in the coming months, to alleviate price pressures caused by the war in the Middle East.

EU energy commissioner Dan Jorgensen sent a letter asking to "consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants", down from the usual 90 percent goal.

Iran's retaliation for the US-Israeli war launched against has included attacks on Gulf neighbors, effectively closing the strategic Strait of Hormuz to tankers.

Oil prices have soared more than 50 percent since the start of the war, which was triggered on February 28, and natural gas prices in the EU have risen by more than 30 percent.

The price shock is expected to lead to a higher pace of inflation, and dampen economic growth.

While Europe is entering its warmer months, this is the period its countries refill their gas storage in preparation for winter.

With higher gas prices, though, and elevated risk for supply, the EU is facing competition with Asia for supply.

"Developments in Iran and the wider region threaten regional and global security," Jorgensen said in his letter.

"When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets."

He said that the EU's gas supply "remains relatively protected at this stage", as it gets most of its liquefied natural gas from the United States.

"But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections."

Consequently, Jorgensen said, EU countries should look to refill stores early, and do so over a longer period, "to mitigate pressure on prices and avoid (an) end-of-summer rush".

He noted that, in case of "difficult conditions" and a commission assessment, the countries can deviate from the target by up to 20 percent.

Business

Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
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Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo

Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the US-Israeli war on Iran, traders said on Saturday.

Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms.

Refiners in India, which has much smaller crude stockpiles than other big Asian oil importers, rushed to book Russian oil after the US recently lifted sanctions temporarily. The Indian government could not be immediately reached for comment outside office hours.

Other Asian refiners are making checks to see if they can purchase the oil, several ⁠people with knowledge ⁠of the matter said.

The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, US Treasury Secretary Scott Bessent said.

The waiver applies to oil loaded on any vessel, including sanctioned tankers, on or before March 20 and discharged by April 19, according to the Office of Foreign Assets Control. It is the third time the US has temporarily waived sanctions on oil since the start of the war.

About ⁠170 million barrels of Iranian crude are at sea, said Emmanuel Belostrino, Kpler’s senior manager for crude oil market data, on ships scattered from the Middle East Gulf to the waters near China.

Consultancy Energy Aspects on March 19 estimated 130 million to 140 million barrels of Iranian oil on water, equivalent to less than 14 days of current Middle East production losses.

Asia relies on the Middle East for 60% of its crude supply and the near-closure of the Strait of Hormuz this month is forcing refineries across the region to run at lower rates and cut fuel exports.

Trump re-imposed sanctions on Iran in 2018 over its nuclear program. Since then, China has become Iran's main client with its independent refiners buying 1.38 million barrels per day (bpd) ⁠last year, Kpler ⁠data showed, attracted by deep discounts as most countries shunned the crude due to the sanctions.

Potential complications for buying Iranian oil include uncertainty over how to pay for it and the fact that a large share of it is aboard aging shadow fleet ships, traders said.

Also, some former purchasers of Iranian oil were contractually obligated to buy from National Iranian Oil Co., two refining sources said. However, since the US re-imposed sanctions in late 2018, Iranian oil has been sold in significant part by third-party traders.

"It usually takes some time to work through compliance, administration and banking, etc., but I guess people will try to work ASAP," a Singapore-based trader said.

According to Reuters, the sources declined to be named due to company policy.

Other than China, major buyers of Iranian crude before sanctions were re-imposed included India, South Korea, Japan, Italy, Greece, Taiwan and Türkiye.

Business

Iranian Gas to Iraq Resumes After South Pars Attack

An Iranian man walks along the phase 15-16 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh on the shore of the Gulf on January 22, 2014. (AFP)
An Iranian man walks along the phase 15-16 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh on the shore of the Gulf on January 22, 2014. (AFP)
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Iranian Gas to Iraq Resumes After South Pars Attack

An Iranian man walks along the phase 15-16 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh on the shore of the Gulf on January 22, 2014. (AFP)
An Iranian man walks along the phase 15-16 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh on the shore of the Gulf on January 22, 2014. (AFP)

Iranian gas supplies to Iraq have resumed at a rate of five million cubic meters per day, the Iraqi electricity ministry said on Saturday, according ‌to the state ‌news agency.

Flows had ‌been ⁠halted after Israel ⁠attacked Iran's main gas field, South Pars, on Wednesday.

The current five million cubic meters is a fraction ⁠of the contracted 50 ‌million ‌cubic meters.

Iraqi officials ‌say volumes will increase gradually, ‌but have provided neither a timeframe nor details of the damage to ‌the Iranian gas facilities.

"Following the resumption of ⁠Iranian ⁠gas supplies, the national grid has recorded stability in production at 14,000 megawatts," Ahmed Moussa, an electricity ministry spokesperson, was quoted as saying by the state news agency.