MENA Attractions & Destinations Forum Set to Highlight Key Destinations

The interactive forum will host over 300 international and regional stakeholders from key sectors. WAM
The interactive forum will host over 300 international and regional stakeholders from key sectors. WAM
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MENA Attractions & Destinations Forum Set to Highlight Key Destinations

The interactive forum will host over 300 international and regional stakeholders from key sectors. WAM
The interactive forum will host over 300 international and regional stakeholders from key sectors. WAM

The two-day MENA Attractions & Destinations Forum 2022 is scheduled to be held on September 28 in Dubai to explore upcoming cultural and leisure projects, and ways to drive growth for the tourism sector, Emirates News Agency (WAM) reported Saturday.

“The interactive forum will host over 300 international and regional stakeholders from key sectors, including governments, tourism agencies and consultancies, hotel chains, park owners and operators, museums, culture and heritage site authorities, technology and solution providers, and investment institutions,” it said.

“The forum will focus on developing and rebranding destinations that cater to a diverse population, current innovative family entertainment and edutainment that meets visitor requirement, converting heritage sites into new attractions to cater to different population segments and capitalizing on live entertainment to increase visitors,” it added.

Over 50 million tourists visit MENA each year. However, some key challenges continue to hinder the region from capitalizing on the industry’s full potential, especially with the changing demographics, infrastructure, weather conditions, and technology developments.

Richard Krent, Director for Development, Qiddiya, Kingdom of Saudi Arabia said, "Destination Development requires an intensity of creative artistry with a sense of joy that connects with its audience."

The two-day agenda will feature a series of sessions by speakers from entities like the World Tourism Association, tourism ministries, cultural ministries and projects, entertainment project developers and more who will be addressing key industry topics.

The event is organized and promoted by GM Events, a Dubai-based multi-faceted event management company.



Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.

Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. US West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel.

US President Trump warned on social media on Tuesday that US patience was wearing thin, and called for an "unconditional surrender" from Iran.

While he said there was no intention to kill Iran's leader Ali Khamenei "for now," his comments suggested a tougher stance toward Iran as he weighs whether to deepen US involvement.

A source familiar with internal discussions said one of the options Trump and his team are considering included joining Israel on strikes against Iranian nuclear sites.

A direct US involvement threatens to widen the confrontation further, putting energy infrastructure in the region at higher risk of attack, analysts say.

"The biggest fear for the oil market is the shutdown of the Strait of Hormuz," ING analysts said in a note.

"Almost a third of global seaborne oil trade moves through this chokepoint. A significant disruption to these flows would be enough to push prices to $120 [a barrel]," the bank added.

Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil.

Meanwhile, Iranian ambassador to the United Nations in Geneva Ali Bahreini said on Wednesday that Tehran has conveyed to Washington that it will respond firmly to the United States if it becomes directly involved in Israel's military campaign.

Markets are also looking ahead to a second day of US Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25% to 4.50%.

However, the conflict in the Middle East and the risk of slowing global growth could potentially push the Fed to cut rates by 25 basis points in July, sooner than the market's current expectation of September, said Tony Sycamore, market analyst with IG.

Lower interest rates generally boost economic growth and demand for oil.

Confounding the decision for the Fed, however, is the Middle East conflict's potential creation of a new source of inflation via surging oil prices.

US crude stocks fell by 10.1 million barrels in the week ended June 13, market sources told Reuters, citing American Petroleum Institute figures on Tuesday. Official Energy Information Administration data is due later on Wednesday.