50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
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50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)

More than 50 agreements and memorandums of understanding, with a value exceeding $50 billion, were signed on the sidelines of the Global Summit of the World Travel & Tourism Council (WTTC) in Riyadh on Tuesday.

Saudi Tourism Minister Ahmed Al-Khatib said the tourism sector was expected to generate 126 million new jobs in the next decade.

“The opportunity for us as tourism leaders is to focus the energies towards creating an industry fit for the future, an industry that is more sustainable and resilient, and better able to create wealth and unlock opportunities... We must put people and planet first and at the center of every decision we make,” Al-Khatib said in his opening speech.

Millions of jobs

“Tourism will generate 126 million new jobs in the next decade,” the minister noted. “This means that one out of every three new jobs created will be in our sector.”

He emphasized that the Kingdom was reimagining tourism while relying on the strength of partnership.

“A shared commitment to partnership will drive the global industry forward... Last October, we launched the Global Center for Sustainable Tourism as a multi-country, multi-stakeholder organization to lead and accelerate the path towards net zero emissions,” he stated.

Sustainability and youth

Al-Khatib said that within the framework of the Saudi Green Initiative, the Kingdom has launched more than 60 initiatives in 2021. He explained that the first batch of initiatives accounted for more than $186 billion, noting that his country was aware that travelers and investors favored policies that promote sustainability in the industry.

In this context, the Saudi minister announced an ongoing plan to make the Kingdom “a leader in the field of sustainable tourism.”

He continued: “We must make sure that we invest in the future of youth, as two-thirds of the population is under the age of 35... We encourage them to become the tourism leaders of tomorrow... We launched a program to train 100,000 young Saudis every year in this sector.”

Moreover, he said Crown Prince Mohammed bin Salman’s announcement on Monday of the launch of the masterplan for King Salman International Airport will place the Kingdom at the forefront of the world, bolster tourism help implement major projects.

Expected initiatives

The Saudi Ministry of Tourism revealed a plan to enhance the organizational development process in many areas, in partnership with the private sector, announcing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

In this regard, Minister of Investment Khalid Al-Falih stressed the importance of government coordination and the integration of work within ministries to achieve success in various sectors.

In remarks during a panel discussion entitled, “Travel for a Better Future”, the minister said the tourism sector would certainly benefit from the growth taking place at various levels in the Kingdom, hoping that the legal frameworks would develop globally to keep pace with the technological progress and thus, facilitate travel, tourism and human interdependence.

Initiatives and partnerships

Princess Haifa Al Saud, Deputy Minister of Tourism, underlined the importance of partnership between the public and private sectors in the development of the Kingdom’s tourism sector.

She said that thanks to continuous efforts, Saudi Arabia was able to register a 121 percent growth in the number of passengers during the first seven months of this year.

The Kingdom considers cooperation at the international level on the one hand, and between the public and private sectors on the other, as an essential element for the tourism sector’s success in achieving its desired goals, she remarked.

Princess Haifa added that determination and joint action were among the most important factors for the success of the Kingdom’s pioneering experience in developing the tourism sector and increasing its value in the national economy and its share in the GDP.

She pointed to a plan to enhance the organizational development process in many areas in partnership with the private sector, revealing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

Recovery

Zurab Pololikashvili, Secretary-General of the World Tourism Organization, stressed the strong recovery of travel and tourism and the lessons that the world and institutions operating in the sector have learned from past experiences.

He highlighted the need to develop logistical and financial support mechanisms and permanent coordination with governments, in addition to legislative and regulatory structures and educational systems to keep up with the changes.

Pololikashvili also praised the rapid development of the tourism sector in the Kingdom, which he said was a pioneering model at the international level.

Human element

Anthony Capuano, CEO of Marriott International Group, emphasized the importance of the human element in the tourism sector, which lost 60 million jobs during the past two years due to the pandemic.

He pointed to Saudi Arabia’s successful model of partnership between the public and private sectors to develop the human resources that are capable of enriching the sector and improving its experiences.

Supporting 10,000 SMEs in the Saudi tourism sector

The Saudi Tourism Development Fund announced on Tuesday the launch of programs to support 10,000 Saudi SMEs, which are one of the main pillars of economic and social development in the Kingdom.

The Tourism Aid program consists of three sub-programs, which cover the various financial needs of this segment, whether to launch new commercial projects or for the purpose of expanding business.

1st climate footprint in tourism sector

Meanwhile, the World Travel and Tourism Council revealed new data showing the climate footprint for the global travel and tourism sector.

In a speech on the findings of the environmental and social research, Julia Simpson, President and CEO of the World Travel and Tourism Council, announced that thanks to the project, which is one of the largest research projects of its kind ever, the Council will be able to provide accurate reports and track the impact of various sector activities on the environment.

Previous estimates had indicated that the global travel and tourism sector was responsible for up to 11 percent of all global emissions.

However, the World Travel and Tourism Council’s groundbreaking research shows that the sector’s total greenhouse gas emissions were only 8.1 percent in 2019 globally.



India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.