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Saudi Arabia Prepares Hospitality Facilities to Keep Pace with New Tourism Law 

The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
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Saudi Arabia Prepares Hospitality Facilities to Keep Pace with New Tourism Law 

The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)

Saudi Tourism Ministry officials intend to visit hospitality facilities in the Kingdom to develop and raise the level of services and safety they offer. This will be done in cooperation with investors and in preparation for the new tourism scheme in the Kingdom, according to official sources.

Last August, the Saudi cabinet approved a new tourism law to boost the competitiveness of the tourism sector. 

The law is part of the system of improvements and development of the regulatory and legislative environment for the sector. 

The ministry’s follow-up comes for the purpose of measuring the extent to which hospitality facilities apply the regulations and standards of the sector. 

Besides collecting additional data, the ministry will promote serious cooperation. It is expected of facilities to provide necessary documents to visiting survey teams. 

The ministry called on hospitality establishments to provide several information. 

Most notably, it required them to inform survey teams of the extent to which they are familiar with the new tourism law and the current legislation. 

The ministry asked establishments to assess the feasibility of investment in the sector and to identify the most important obstacles with respect to licensing. 

Tourism Minister Ahmad al-Khateeb said the newly approved law comes in the line with the leadership’s orders to build a competitive tourism sector and contribute to the goals of Vision 2030. 

Khateeb indicated that since the launch of the national tourism development strategy in 2019, work has been ongoing to organize the sector. 

The Kingdom has established a ministry, an authority, a development fund, and regional councils to boost its tourism sector’s competitiveness. 

As per the new law, businesses will be given special licenses and support from the ministry, noted Khateeb, adding that the ministry will streamline licensing procedures by creating a one-stop-shop platform for all tourism stakeholders.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.