Saudi Call for Financing First International Fund to Support Global Tourism Sector

 Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia February 10, 2019. Picture taken February 10, 2019. REUTERS/Stephen Kalin
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia February 10, 2019. Picture taken February 10, 2019. REUTERS/Stephen Kalin
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Saudi Call for Financing First International Fund to Support Global Tourism Sector

 Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia February 10, 2019. Picture taken February 10, 2019. REUTERS/Stephen Kalin
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia February 10, 2019. Picture taken February 10, 2019. REUTERS/Stephen Kalin

Saudi Arabia called on donor countries to participate in financing the first international fund dedicated to supporting the tourism sector. The Kingdom stressed that the Covid-19 pandemic had highlighted the importance of the sector as a key driver in advancing growth and recovery.

In a speech at the Spring Meetings of the International Monetary Fund and the World Bank Group, Saudi Minister of Tourism Ahmed Al-Khatib said that the Saudi government’s pledge to provide $100 million to establish the Tourism Support Fund, in cooperation with the World Bank, would contribute to help communities affected by the Covid-19 pandemic to overcome the devastating impact of the crisis.

The minister added that international cooperation was crucial to achieve the desired economic growth, calling on donor countries and the private sector to contribute to building the trust fund.

Al-Khatib also touched on the successful Saudi experience in terms of accelerating the revival of the tourism sector and attracting tourists from inside and outside the Kingdom, in addition to the targeted initiatives that seek to promote the future of sustainable tourism.

The Spring Meetings of the World Bank Group were attended by ministers, government officials, and civil society representatives, who discussed the means to build a greener and more inclusive future for disadvantaged communities in the tourism sector, as well as the impact of global crises such as the pandemic and climate change on societies.

In 2020, the World Tourism Organization (WTO) and the G20 Tourism Working Group launched the AlUla Framework for Inclusive Community Development. The move was followed by the 2020 G20 Summit Leaders’ Declaration in Riyadh, to establish a sustainable and inclusive tourism program.

In 2021, the Kingdom contributed to the launch of the World Center for Sustainable Tourism, a multilateral alliance that aims to reduce the tourism sector’s contribution to carbon emissions around the world, as the sector accounts for 8 percent of emissions.

Moreover, Saudi Arabia signed in May 2021 a memorandum of understanding with the World Bank and the WTO to activate the Tourism Community Initiative, which aims to promote sustainable tourism, inclusive growth, provide job opportunities, and preserve natural heritage in developing countries.

The Kingdom is working to enhance its tourism environment and contribute to achieving the goals of the National Tourism Development Strategy, which aims by 2030 to receive 100 million visits annually from inside and outside the Kingdom, and to increase the sector’s contribution to the gross domestic product to 10 percent while creating one million new job opportunities.

The 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) kicked off on Monday and will conclude on April 24.



Strait of Hormuz Ship Crossings Remain in Single Digits

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
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Strait of Hormuz Ship Crossings Remain in Single Digits

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Vessel transits through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday, falling well short of the 10-day average of 18.

The drop in traffic through the waterway that handled one-fifth of the world's oil and liquefied ⁠natural gas supply before ⁠the Iran war comes after attacks in the region intensified.

Of the total on Tuesday, two ships were exiting and two were entering, according to the data.

No very large crude carriers ⁠or liquefied natural gas tankers were involved.

Some ships may be sailing through the waterway with their transponders turned off and they are therefore not counted.

One very large gas carrier, Salute, carrying around 470,000 barrels of liquefied petroleum gas exited via the Iranian route, while Panamax-sized tanker Nautilus, carrying around 510,000 barrels of naphtha, exited ⁠via ⁠an unknown dark route, Reuters reported.

The two ships that entered were both laden, with one being a short-range dirty products tanker and the other a dry bulk carrier. Both entered via the Iranian route.

Meanwhile, the number of ships sailing through the Bab el-Mandeb Strait was at 22, little changed on Tuesday compared with a day ago at 24.


Türkiye 2027 Inflation Target Realistic, Minister Says

People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
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Türkiye 2027 Inflation Target Realistic, Minister Says

People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)

Türkiye's 2027 inflation target in its medium-term program is regarded as realistic by markets, provided that the Iran war does not continue next year, Finance Minister Mehmet Simsek said in an interview with broadcaster Haberturk on Wednesday.

Türkiye should normally operate a floating ‌exchange rate regime, ‌as it provides the ‌basis ⁠for responding correctly ⁠to shocks, Simsek said.

Türkiye has always provided wage increases of at least the rate of inflation for all public workers and retirees, and will continue to do so, ⁠he added.

Once inflation ‌falls to ‌single digits, mandatory export proceeds sales requirements could ‌be lifted in favor of ‌a freer regime, he also said.

Conditions for removing the mandatory export sales requirement have not yet been met and ‌Türkiye will review the matter when they arise.

The government expects ⁠inflation ⁠to slow to 28.4% this year and to 21% in 2027 before dropping to single digits in 2029 — about two years later than previously predicted.

The US-sanctioned Golden Global Yatirim bank is small and poses no systemic risk, Simsek also said, calling on other banks to comply with international regulations and strengthen compliance.


Bahrain's Alba Says Produces 1.3 Million Tons Per Year of Aluminium

The Bahraini capital (Reuters)
The Bahraini capital (Reuters)
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Bahrain's Alba Says Produces 1.3 Million Tons Per Year of Aluminium

The Bahraini capital (Reuters)
The Bahraini capital (Reuters)

Aluminium Bahrain, known as Alba, is currently producing aluminium at an annualized rate of 1.3 million metric tons, versus a pre-Iran war capacity of around 1.6 million tons, its CEO said on Wednesday.

Alba, which describes itself as the world's biggest aluminium smelter on one site, shut down production ⁠lines 1, 2, and ⁠3 following the outbreak of the war as the closure of the Strait of Hormuz restricted exports. The plant was then hit by an Iranian attack in late March.

Alba is now operating lines 4, 5 and 6 at its smelter, equivalent to 1.3 ⁠million tons per year, Ali Al Baqali told Reuters on the sidelines of the Fastmarkets Aluminium Conference in Budapest.

He described the Iranian strike as a "small, minor attack.”

"We got damages and we already repaired them. Nothing needed," Al Baqali said, adding that Alba had been covered by insurance.

Its overall capacity will return to 1.6 million tons when it completes its acquisition of French smelter Aluminium Dunkerque in the next couple of months, Al ⁠Baqali said.

To ⁠maintain production, Alba is bringing in 300 to 350 trucks carrying raw material alumina on a daily basis, the CEO said.

"We are managing to receive around 7,000 metric tons of alumina every day," Al Baqali said, describing the logistics operation as "expensive,” but offset by the high London Metal Exchange aluminium price and premiums for physical metal.

Alba is exporting metal via the Saudi port of Jeddah on the Red Sea and from Sohar in Oman, Al Baqali said, as hostilities in the Middle East continue.