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.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.