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.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.