Saudi Arabia Seeks to Upgrade Tourism Services in Coastal Areas

A tourism project in the Red Sea (Asharq Al-Awsat)
A tourism project in the Red Sea (Asharq Al-Awsat)
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Saudi Arabia Seeks to Upgrade Tourism Services in Coastal Areas

A tourism project in the Red Sea (Asharq Al-Awsat)
A tourism project in the Red Sea (Asharq Al-Awsat)

The Saudi Red Sea Authority began its field visits to issue the necessary licenses for navigational and maritime tourism activities in the Red Sea, in accordance with its new regulations, with the aim of upgrading the quality and standards of coastal tourism services.

The new regulations came into effect in early November 2023 to promote the growth of coastal tourism while ensuring environmental sustainability.

The field visits target licensing operators of tourist marinas and navigation agents to ensure the sustainability of operations of coastal activities, raise safety levels in the sector, in addition to creating a smooth and unique experience for visitors, and promoting environmental awareness among all segments of society.

The authority conducted 14 visits, which included the governorates of Jeddah, Al-Laith, and the city of Jazan.

The Saudi Red Sea Authority was established in 2021, with the aim of enabling and regulating marine tourism and navigation activities within the geographical scope of the Red Sea in the Kingdom. It also seeks to facilitate coastal tourism activities, support investors, including small and medium enterprises, and contribute to creating job opportunities.

Saudi Arabia announced the official opening of the Red Sea destination in October 2023, welcoming visitors from all over the world. The destination includes the fourth largest thriving coral reef in the world, and extends over an area of ​​more than 28,000 square kilometers on the western coast of Saudi Arabia.



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.