Saudi Minister: Unified GCC Tourist Visa Boosts Tourism

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Minister: Unified GCC Tourist Visa Boosts Tourism

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Minister of Tourism Ahmed Al-Khateeb took part in the eighth meeting of Gulf Cooperation Council (GCC) tourism ministers in Doha during which he said a unified GCC tourist visa improves the position of Gulf countries as top tourism destinations.

The meeting addressed means of enhancing collaboration in implementing the unified tourist visa for GCC countries.

Al-Khateeb, in his speech, commended the historic step taken by the GCC Supreme Council in approving this initiative, which reflects the commitment of GCC countries to strengthen tourism cooperation.

He further emphasized that the unified GCC tourist visa will significantly improve the Gulf states' standing as a distinguished global tourist destination.

Al-Khateeb commended the progress in activating the Gulf Tourism Strategy and stressed the importance of continuing efforts to implement the agreed-upon initiatives and programs within the strategy.

Highlighting the Saudi plans, the minister noted that the Kingdom will invest $800 billion in various cities and major tourist destinations over the next decade. He recognized tourism as a prominent economic sector contributing to achieving Saudi Vision 2030 by welcoming 27 million international visitors by 2030.

Al-Khateeb said during the first three quarters of 2023, visitors to the Kingdom spent SAR100 billion. The minister stated that the Kingdom ranked first among the Group of Twenty (G20) countries and second globally in terms of the growth in the number of international tourists, with a remarkable 56% increase in 2023 compared to 2019.

Building on these achievements, the Kingdom aims to welcome 150 million visitors by 2030, including 80 million domestic tourists and 70 million international tourists, Al-Khateeb said.

He emphasized that investments will not only benefit the Kingdom but also have a positive impact on all GCC countries and highlighted the need to increase the percentage of the travel and tourism sector's contribution to the GDP in GCC countries from the current 7.8% to 10%.

The minister stressed the importance of joint tourism efforts in the Gulf region, especially considering the upcoming investments in mega tourism projects. He called for the activation of initiatives, programs, and activities that maximize the benefits of attracting international visitors.

"We affirm our continuous support to achieve further achievements and successes aspired by the leaders of the GCC countries," the minister concluded.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.