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Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)

Saudi Arabia announced on Tuesday that it will host, for the first time, the 22nd edition of the World Travel & Tourism Council (WTTC) Global Summit, which will be attended by a prestigious gathering of tourism leaders.

The event will feature a metaverse experience created for potential investors to explore opportunities and take part in some of the sessions that will be livestreamed from the Saudi capital.

Held under the slogan, “Travel for a Better Future”, this year’s Global Summit will bring together investors from around the world to discuss the pressing issues affecting the post-pandemic travel and tourism sector.

A press release noted that the use of the metaverse at the Summit was “a practical example of how the Kingdom is already implementing its pioneering three-year Digital Tourism Strategy that was launched in 2022 as the next step in its development of the sector.”

The statement said that over the next three years, Saudi Arabia plans to encourage experimentation to allow technology innovators to test new digital tourism solutions, to support tourism related extended reality applications and to incorporate technology that makes Hajj visits safer and more efficient than ever for millions of pilgrims. The use of this technology at the Summit is another important step along that road.

Saudi Arabia’s Minister of Tourism, Ahmad Al Khateeb said: “WTTC will be held in Riyadh as tourism enters a new era of recovery… We welcome the world to join us virtually in our metaverse.”

He continued: “Bringing together global leaders from both the public and private sectors, the summit will be fundamental in building the better, brighter future the sector deserves and technology and innovation will be key to our collective future success.”

Saudi Arabia has already started investing in tourism plans that promote innovation, most notably the NEOM city, which has become the most ambitious tourism project in the world. This future city, which is being developed in the northwest of the Kingdom, will be a global showcase for pioneering design and exciting digital experiences, featuring smart cities and research areas.

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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar rose for a second day on Wednesday on higher US bond yields, sending other major currencies to multi-month lows, with a report that Donald Trump was mulling emergency measures to allow for a new tariff program also lending support.

The already-firm dollar climbed higher on Wednesday after CNN reported that President-elect Trump is considering declaring a national economic emergency as legal justification for a large swath of universal tariffs on allies and adversaries.

The dollar index was last up 0.5% at 109.24, not far from the two-year peak of 109.58 it hit last week, Reuters reported.

Its gains were broad-based, with the euro down 0.43% at $1.0293 and Britain's pound under particular pressure, down 1.09% at $1.2342.

Data on Tuesday showed US job openings unexpectedly rose in November and layoffs were low, while a separate survey showed US services sector activity accelerated in December and a measure of input prices hit a two-year high - a possible inflation warning.

Bond markets reacted by sending 10-year Treasury yields up more than eight basis points on Tuesday, with the yield climbing to 4.728% on Wednesday.

"We're getting very strong US numbers... which has rates going up," said Bart Wakabayashi, Tokyo branch manager at State Street, pushing expectations of Fed rate cuts out to the northern summer or beyond.

"There's even the discussion about, will they cut, or may they even hike? The narrative has changed quite significantly."

Markets are now pricing in just 36 basis points of easing from the Fed this year, with a first cut in July.

US private payrolls data due later in the session will be eyed for further clues on the likely path of US rates.

Traders are jittery ahead of key US labor data on Friday and the inauguration of Donald Trump on Jan. 20, with his second US presidency expected to begin with a flurry of policy announcements and executive orders.

The move in the pound drew particular attention, as it came alongside a sharp sell-off in British stocks and government bonds. The 10-year gilt yield is at its highest since 2008.

Higher yields in general are more likely to lead to a stronger currency, but not in this case.

"With a non-data driven rise in yields that is not driven by any positive news - and the trigger seems to be inflation concern in the US, and Treasuries are selling off - the correlation inverts," said Francesco Pesole, currency analyst at ING.

"That doesn't happen for every currency, but the pound remains more sensitive than most other currencies to a rise in yields, likely because there's still this lack of confidence in the sustainability of budget measures."

Markets did not welcome the budget from Britain's new Labor government late last year.

Elsewhere, the yen sagged close to the 160 per dollar level that drew intervention last year, touching 158.55, its weakest on the dollar for nearly six months.

Japan's consumer sentiment deteriorated in December, a government survey showed, casting doubt on the central bank's view that solid household spending will underpin the economy and justify a rise in interest rates.

China's yuan hit 7.3322 per dollar, the lowest level since September 2023.