Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
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Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)

Saudi Arabia and Morocco signed on Friday a memorandum of understanding to promote cooperation in tourism and coordinate efforts to achieve sustainable development of the tourism industry.

The ceremony was attended by Saudi Tourism Minister Ahmed bin Aqil Al-Khatib, and his Moroccan counterpart, Fatima Zahra Ammor, on the sidelines of the 117th session of the Executive Council meeting of the UN’s World Tourism Organization (UNWTO).

In a statement, Al-Khatib said: “Saudi Arabia and Morocco enjoy a joint commitment to protect rich heritage sites, marine, mountainous and desert natural areas, in addition to their keenness on giving priority to youth in their development plans.”

He emphasized that the Kingdom’s tourism goals paid great attention to the importance of sustainability.

For her part, the Moroccan minister of Tourism noted that the new MoU reflected the “strong ties between the two countries and the common vision towards consolidating partnership and improving prospects for cooperation in the tourism sector...”

“It will lead to more joint initiatives and the exchange of experiences and best practices, allowing the two countries to develop their capabilities in the tourism field,” she added.

The Executive Council of the World Tourism Organization (WTO) opened on Wednesday in Marrakesh a three-day meeting, with the participation of over 250 representatives of UNWTO member countries, including tourism ministers, public and private investors, travel agents, and hotel and travel industry professionals.

The agenda focuses on the current turn in international tourism, the financial situation of the organization, a report on human resources, a proposal to create a study group to rethink future tourism, and a report on the progress of the legal and practical framework for the creation of regional and thematic offices of the UNWTO.



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.