20 Countries Participate in Saudi Arabia Hotel Show

Riyadh to host Hotel Show in September (Asharq Al-Awsat)
Riyadh to host Hotel Show in September (Asharq Al-Awsat)
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20 Countries Participate in Saudi Arabia Hotel Show

Riyadh to host Hotel Show in September (Asharq Al-Awsat)
Riyadh to host Hotel Show in September (Asharq Al-Awsat)

Saudi Arabia is preparing to host the Hotel Show at Riyadh International Convention and Exhibition Center between September 6 and 8.

Hospitality experts will discuss the latest developments in the hospitality industry, including adopting new approaches and exchanging ideas on the latest innovative trends.

Over 230 local and international brands from more than 20 countries are expected to participate in the show, including the Saudi Tourism Development Fund, the Red Sea Development Company, Amaala, Diriyah Gate, and Gates Hospitality.

The show will also include international exhibitors from Egypt, France, Italy, Morocco, Portugal, Uzbekistan, Belgium, Greece, Hong Kong, India, the Netherlands, Oman, Poland, Slovenia, Turkey and the UAE.

The event will discuss hospitality, hotel services, technology and security, interior decoration and contracts, furniture, cleaning and facilities management, food and food services, commercial kitchen, operating supplies and equipment.

Meanwhile, a recent study confirmed that 58 percent of Saudis want to work in the hospitality business, hotel management, events and marketing, as Saudi Arabia expand its leisure tourism sector.

The Kingdom is currently witnessing the opening of an increasing number of new hotels in various cities, as it aims to deliver 310,000 hotel rooms by 2030 as part of its plans to develop the hospitality market for local and international tourism.

Saudi Arabia is expanding in the leisure tourism sector and expects 30 million visitors annually by 2030.

The latest annual statistics show that the travel and tourism sector's contribution to GDP is 9.4 percent, with travelers' spending growing at 10.5 percent annually.

According to the study, the Saudi youth generation prioritizes the ideal job in companies with clear future goals, a stimulating work environment, and policies that promote psychological and mental health.

More than half of Saudi youth aspire to work in the hospitality field, according to a survey conducted over the past 12 months.

The study, issued by the "Hilton Group", indicated that hotel management, event management, marketing, and communications are among the most popular majors in the hospitality sector.

Two-thirds of Saudi youth, an estimated 66 percent, believe in the importance of joining successful companies with clear future goals.

More than 50 percent of Saudi nationals consider career development and comprehensive policies for mental and psychological health and performance appreciation are keys to ideal future jobs.

The Hilton survey revealed the desire of millennials in Saudi Arabia to join international companies that provide a motivational environment, ensure they participate with team members to achieve the desired goals, develop their experiences and capabilities, and follow policies that promote mental health.

According to the survey, 58 percent would like to work in hospitality, which will reflect positively on the growing sector across the Kingdom.



Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.