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)
TT

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.



Oil Prices Steady as Markets Weigh Demand against US Inventories

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)
TT

Oil Prices Steady as Markets Weigh Demand against US Inventories

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 were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.