Coronation Gives Tourism Boost, but UK Economy Still Reeling

A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
TT

Coronation Gives Tourism Boost, but UK Economy Still Reeling

A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)

Kelly Curto is taking her first trip outside the US, and the die-hard fan of the British royal family is making it the one at the top of her bucket list — heading to London for King Charles III's coronation.

After arriving on May 5, the 44-year-old school bus driver from Long Island and a friend will head to the Mall, the ceremonial avenue to Buckingham Palace where the monarch's pomp-filled procession will pass by the following day.

That's where they plan to spend the night if they can find a good spot to glimpse the gilded horse-drawn state coach, royals and thousands of soldiers filing past — despite splurging on a four-star hotel for their nine-day trip.

"This is like a once-in-a-lifetime opportunity. You get to be part of history," Curto said. "Everybody around the world knows this family. Everybody around the world is going to be watching this coronation — and we get to be a part of that."

The coronation is luring royal enthusiasts fascinated by the ceremonial spectacle — and drama — of the monarchy and far-flung visitors eager to experience a piece of British history. Tour companies, shops and restaurants are rolling out the red carpet, whether it’s a decked-out bus tour of London’s top sights with high tea or merchandise running from regal to kitschy.

The weekend of events starting May 6 will bring a cash infusion to central London businesses, especially hotels, pubs and restaurants, but it won’t do much for UK residents struggling with an economy on the precipice of recession and a cost-of-living crisis that has stirred months of disruptive strikes by workers seeking pay hikes.

For visitors looking to splash out, hotels across London are touting coronation-themed packages, menus and decor.

Those willing to spend an eye-popping 12,995 pounds (over $16,000) can get an overnight stay in the Royal Suite at the five-star Hotel Cafe Royal and a limo ride to the Tower of London for a private tour and viewing of the Crown Jewels.

The Dorchester Hotel, long a favorite with royals and celebrities, concocted a lavish, five-tier coronation cake and put up theater-style draping across its facade to re-create the decorations that it used to mark Queen Elizabeth II’s coronation in 1953.

Many international visitors are drawn by the idea of a "beautiful fairytale" about "the royals and everything that is around them," general manager Luca Virgilio said.

"So there’s a lot of love and a lot of interest. And we are sold out already, which is very encouraging," he said.

The Royal Lancaster Hotel near Hyde Park is serving afternoon tea inspired by Charles’ favorites: roast beef sandwiches, darjeeling tea and damson plum mousse.

The spread features a darjeeling tea cake shaped like crown atop a crimson cushion, while the hotel bar serves a coronation cocktail: a martini with a splash of darjeeling tea, trimmed with gold leaf.

For a different twist, Annie Verhaert, 64, and daughter Claudia Lombaert, 30, from Belgium, boarded a vintage red double-decker bus strung with Union Jack flags for a coronation-themed tour that hits landmarks like Big Ben and Trafalgar Square.

On the way, they sipped tea — using cupholders to prevent spills — and snacked on finger sandwiches and pastries like the "royal scone" from a menu a former royal butler curated for tour operator Brigit’s Bakery.

"We knew the queen all our life," Verhaert said. "And it’s now the first time we see a change on the throne. So it’s special."

And souvenirs are in no short supply, including tea towels, socks, dessert plates and other paraphernalia with coronation insignia from the Royal Collection Trust, purveyor of official memorabilia.

Unofficial merchandise also abounds at shops in tourist areas, with Charles' likeness crudely emblazoned on tote bags, coasters and teabag holders or coronation-branded pens, tins of fudge and playing cards offering more upscale options. Even more items show his mother, who died in September after 70 years on the throne, on everything from mugs to bobblehead figures.

Officials have high hopes that the coronation will provide a vital boost to the country’s tourism industry, which is still reeling from two years of COVID-19 shutdowns. The UK received some 29.7 million visits last year, still nearly a third below 2019.

"Events like this really kick-start the recovery, don’t they? And they put Britain on the world stage again," said Patricia Yates, chief executive of the VisitBritain tourism board.

Queen Elizabeth II’s Platinum Jubilee celebrations last year brought in an extra 2.6 million visitors to London, she said, and Charles’ coronation is expected to have a similar effect.

History, heritage and the royals are the biggest draw for international tourists, Yates said, and royal pageantry is a particular magnet for Americans, who are driving the UK’s tourism recovery.

"We can see a 10% increase in flight bookings through May from the America market," she said. "The big question mark is, of course, China, which was our second-most-valuable market and still not coming back quite in the numbers we would like to see."

The coronation's wider impact on Britain’s economy is less clear.

Tax revenue will get a boost from extra retail spending for parties nationwide. Pubs will be allowed to stay open two hours longer May 5-6.

However, organizing the coronation has a huge cost that some reports estimate could run as high as 100 million pounds, and an extra public holiday on May 8 means a lost day of productivity.

So while the hospitality industry benefits, "the flipside of that is that by giving everybody an extra day off, you’re taking quite a bit of output out of the economy in quite a lot of other sectors," said Andrew Goodwin of Oxford Economics.

The British economy has been essentially stagnant since the start of last year as decades-high inflation squeezes households and small businesses. The International Monetary Fund expects UK output to shrink by the most of any major economy this year.

To keep up with the soaring cost of living, nurses, teachers, postal workers and others have been striking for higher wages. Security guards at Heathrow Airport plan to walk off the job starting May 5, threatening to disrupt travel for the coronation.

"There’s a lot of headwinds that the economy has to battle," Goodwin said.

Brand Finance says the monarchy boosts the UK economy to the tune of 500 million pounds a year, more than making up for the estimated 350 million pounds it costs taxpayers.

However, that boon is less than a third of the London-based consultancy's 2017 forecast. CEO David Haigh blamed the plunge in value on a "disastrous six years" for the royal family, including a scandal involving Prince Andrew, a string of gaffes by minor royals and Harry and Meghan falling out with the family.

Still, "going forward, we still believe that the monarchy generates more in terms of revenue for the UK economy than it costs," Haigh said.

The royals certainly are drawing Curto, who will stay with a friend at the Wellington Blue Orchid hotel in London at a cost of about 3,000 pounds.

They plan to visit Hampton Court Palace, Westminster Abbey, the Tower of London and make day trips to Oxford and the Cotswolds. It won’t be cheap, but Curto won't be pinching pence.

"I plan on enjoying myself without limits," she said. "I know London is an expensive city, so I’m prepared to spend a fair amount."



KSIA Commences Construction of Third Runway to Enhance Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
TT

KSIA Commences Construction of Third Runway to Enhance Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
TT

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
TT

Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".