Lisbon, Riyadh to Promote Integrated Tourism Sector Partnership

A huge ministerial presence of leaders of the global tourism sector during the World Travel & Tourism Council (WTTC) Global Summit in Riyadh (Asharq Al-Awsat)
A huge ministerial presence of leaders of the global tourism sector during the World Travel & Tourism Council (WTTC) Global Summit in Riyadh (Asharq Al-Awsat)
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Lisbon, Riyadh to Promote Integrated Tourism Sector Partnership

A huge ministerial presence of leaders of the global tourism sector during the World Travel & Tourism Council (WTTC) Global Summit in Riyadh (Asharq Al-Awsat)
A huge ministerial presence of leaders of the global tourism sector during the World Travel & Tourism Council (WTTC) Global Summit in Riyadh (Asharq Al-Awsat)

Rita Marques, secretary of state for Tourism of Portugal, revealed that her country is eyeing the conclusion of an agreement with Saudi Arabia in the field of international air transport soon.

Marques pointed out that her participation at the World Travel & Tourism Council (WTTC) Global Summit, which was recently held in Riyadh, had presented a vital occasion to share ideas that promote common points, such as sustainable tourism.

She affirmed Portugal’s readiness to share its best practices and help in designing training exchange programs with Saudi Arabia. This comes to establish prolific dialogue and cooperation between the two countries.

It is fruitful to be able to conclude an international air transport agreement between Portugal and the Kingdom, and to cooperate on future trends and policies such as sustainability, digitization, or forms of attracting investment for innovation and research, stressed Marques.

Speaking to Asharq Al-Awsat, Marques pointed to the role played by the tourism sector in enhancing ties between countries.

She highlighted Saudi Arabia and Portugal’s ability to develop cooperation, share good practices, exchange knowledge, and build skills development programs. The two countries can do so alongside their plans and programs related to sustainability and innovation, added Marques.

Regarding trade between Portugal and the Kingdom, Marques noted that her country has a trade deficit with Saudi Arabia, but she added that total exports in 2022 will achieve their best results since 2017.

About services, Marques said that they also suffered from a trade deficit. However, she hoped that in 2022 the figures will bounce back to what they were before the coronavirus pandemic.

According to Marques, total Portuguese exports of goods and services to the Kingdom in 2021 amounted to 142 million euros. Meanwhile, imports amounted to 326 million euros.

As for pressures and crises facing tourism, Marques insisted on the need for highlighting the innovative capacity of companies and destination managers and creating new business approaches, service concepts and experiences that completely revolutionize the industry.

In recent years, the entry of new market players, international investors and the attraction of international brands have revolutionized the dynamics and attractiveness of Portugal’s regions, noted Marques.

It is noteworthy that the most influential travel and tourism event in the calendar, WTTC’s record breaking Global Summit in Riyadh was attended by more than 85 countries and over 50 ministers.

During the event, WTTC and the Saudi Ministry of Tourism launched the Environmental & Social Research (ESR).

This groundbreaking new data details the climate footprint of the global travel and tourism sector. The research covers 185 countries across all regions and will be updated each year with the latest figures.

WTTC also launched its Cities Economic Impact Report (EIR).

Addressing delegates during her closing speech, WTTC President and CEO Julia Simpson said: “Saudi Arabia will be the next major destination for visitors as it invests $800 billion in showcasing the Kingdom to the world.”

“From the Red Sea to snow-capped mountains, Saudi is full of surprises,” added Simpson.



Ferrari: Saudi Arabia Has Become a Key Driver of Our Growth in the Middle East

Ferrari's new showroom in the Saudi capital, Riyadh (Asharq Al-Awsat)
Ferrari's new showroom in the Saudi capital, Riyadh (Asharq Al-Awsat)
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Ferrari: Saudi Arabia Has Become a Key Driver of Our Growth in the Middle East

Ferrari's new showroom in the Saudi capital, Riyadh (Asharq Al-Awsat)
Ferrari's new showroom in the Saudi capital, Riyadh (Asharq Al-Awsat)

Saudi Arabia has emerged as one of the main drivers of Italian luxury sports carmaker Ferrari's growth in the Middle East, fueled by an expanding population of high-net-worth individuals, a new generation of customers and growing interest in luxury sports cars.

Despite accelerating demand across the region, the company remains committed to a strategy centered on limited production and preserving the exclusivity of its brand.

Giorgio Turri, Regional Director of Ferrari Middle East, said Saudi Arabia is no longer simply a market experiencing rising demand, but has become a strategic market for Ferrari's presence, future growth and innovation in the Middle East.

Speaking to Asharq Al-Awsat, Turri explained that the economic and social transformations associated with Saudi Vision 2030 have contributed to a shift in the company's customer demographics, with growing numbers of younger buyers interested in sports cars, vehicle personalization and motorsports.

Riyadh Showroom Reflects Market's Importance

Turri said the opening of Ferrari's new showroom in Riyadh, the first in the Middle East and Asia to adopt the company's new corporate identity, reflects the growing importance of the Saudi market within its regional strategy.

He added that demand in the Kingdom continues on an upward trajectory among both existing and first-time customers.

Ferrari is seeking to broaden its customer base by developing new models, building on the success of vehicles such as the California, Roma and Purosangue, while looking ahead to the introduction of the Luce, its first fully electric vehicle and first five-seat model.

Growth Versus Exclusivity

Despite rising demand, Turri stressed that Ferrari does not pursue higher sales volumes as an end in themselves.

"We" do not seek to increase sales volumes as a goal in itself, he said, explaining that expansion requires carefully balancing market demand with the company's commitment to limited production.

He noted that Ferrari customers in the Middle East are among the youngest worldwide, a trend also evident in Saudi Arabia, where interest in vehicle personalization programs and participation in driving and racing activities is increasing.

Turri said the Kingdom is home to one of the most active Ferrari owners' clubs globally, while Saudi customers demonstrate detailed knowledge of vehicle specifications, technology and performance.

Saudi Arabia, UAE and Qatar Lead Regional Demand

Discussing regional market performance, Turri said economic transformation and growing wealth are supporting long-term demand for luxury vehicles.

He noted that demand is accelerating more rapidly in Saudi Arabia, the United Arab Emirates and Qatar than in other markets across the region.

More than 40 percent of new Ferraris delivered annually in the Middle East go to first-time buyers of the brand, he revealed, while the proportion exceeds 50 percent in the pre-owned vehicle market.

These trends coincide with Ferrari's plan to introduce an average of four new models annually between 2026 and 2030.

Regional Disruptions Force Changes to Shipping Routes

Addressing the impact of recent geopolitical disruptions, Turri said the main effects were felt in supply chains and logistics, after the closure of the Strait of Hormuz forced Ferrari to adjust shipping routes to Gulf markets.

He explained that the company managed the challenges during March and resumed its normal pace of operations in April by rerouting maritime shipments and using air freight when necessary.

Turri confirmed that showrooms and service centers continued operating and that demand had not changed significantly, with the economic and demographic factors supporting the Gulf market remaining intact.

An Ecosystem Beyond Car Sales

Turning to Ferrari's strategy in Saudi Arabia, Turri said the next phase would focus on expanding activities associated with vehicle ownership, including driving programs, racing events and exclusive customer experiences.

He explained that the Jeddah Corniche Circuit has been part of Ferrari's programs since 2023 and is scheduled to host the Ferrari Challenge championship for the first time in February 2027, amid growing participation by Saudi amateur drivers.

Turri also highlighted the company's first customer tour in AlUla in 2025, alongside other events organized during the holy month of Ramadan.

He said these activities have become an integral part of Ferrari's strategy to deepen customers' connection with the brand.

Turri emphasized that Saudi Arabia represents a significant growth opportunity in the coming years, driven not only by increasing demand for sports cars but also by an expanding customer base and growing interest in motorsports across the Kingdom.


IEA Ready to Go if Further Oil Stocks Release Needed, Chief Says

A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
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IEA Ready to Go if Further Oil Stocks Release Needed, Chief Says

A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)

The International Energy Agency is ready to go if a further release of oil from members' emergency oil reserves is needed, the agency's top official said on Tuesday.

The IEA decided last week to accelerate the release of oil remaining from a record emergency reserves release pledged in March, including more than 20 million barrels of diesel as soon as possible to boost supply ‌and cool ‌soaring prices.

"If it is needed...and if ‌our ⁠countries consider it’s ⁠time to push the button, as the International Energy Agency, we are ready to go,” IEA Executive Director Fatih Birol said at a conference in London organized by the Financial Times, when asked about the prospect of an additional release.

The timeline for the ⁠release of 20 million barrels of ‌diesel depends on individual countries, ‌he said, without giving a specific timeframe.

"How much is ‌released and when depends on the countries, depends on ‌the situation of winter markets," Birol said.

War in Iran and conflict in Ukraine have disrupted oil supplies, sending diesel prices to record highs in many markets and turning ‌the fuel that underpins trucking, agriculture and industry into a political and economic ⁠concern.

"We’re trying ⁠to front-load those diesel deliveries,” Birol added.

Brent crude oil rose to more than $111 a barrel on Tuesday, a five-month high. European benchmark diesel futures were trading at $1482.25 per metric ton, up almost 4% since the IEA’s decision on Thursday.

The IEA coordinates industrialized nations' releases of oil from emergency stocks. In March, countries had pledged to release more than 400 million barrels of crude and oil products as prices soared.

Members have so far released 80% of the 400 million barrels, Birol said.


Kurdistan-focused Oil Firms Gulf Keystone, ShaMaran Agree $601 Million Merger

An oil field in the Kurdistan Region of Iraq (Reuters)
An oil field in the Kurdistan Region of Iraq (Reuters)
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Kurdistan-focused Oil Firms Gulf Keystone, ShaMaran Agree $601 Million Merger

An oil field in the Kurdistan Region of Iraq (Reuters)
An oil field in the Kurdistan Region of Iraq (Reuters)

UK-listed Gulf Keystone Petroleum said on Tuesday it will merge with Norway's ShaMaran Petroleum in a $601 million all-share deal, creating one of the largest oil producers in Iraq's Kurdistan region.

Under the agreement, ShaMaran shareholders will receive 0.07533958 Gulf ⁠Keystone shares for ⁠each ShaMaran share held.

Following completion of deal, shareholders of each company will own about 50% of the combined ⁠company.

Gulf Keystone intends to move its primary listing to Euronext Oslo Børs' main list and eventually discontinue its London listing, the company said.

The merger comes as dealmaking among Middle East-focused oil companies gathers pace, supported ⁠by ⁠higher oil prices stemming from the Middle East war.

Gulf Keystone's London-listed peer Genel Energy is competing with Norway's DNO to acquire Capricorn Energy, Reuters reported.

Gulf Keystone, Genel, DNO and ShaMaran all operate in Iraq's oil-rich Kurdistan region.