Saudi Arabia to Establish Marketing Tourism Offices

The Red Sea project is one of the major tourist destinations in Saudi Arabia (Asharq Al-Awsat)
The Red Sea project is one of the major tourist destinations in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia to Establish Marketing Tourism Offices

The Red Sea project is one of the major tourist destinations in Saudi Arabia (Asharq Al-Awsat)
The Red Sea project is one of the major tourist destinations in Saudi Arabia (Asharq Al-Awsat)

The Saudi Tourism Authority has set 24 plans that place Saudi Arabia as a top tourist destination on the local, regional, and global levels.
Last week, the Council of Ministers, headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, approved the regulations of the Saudi Tourism Authority to play a crucial role in promoting Saudi Arabia as a top tourist destination on both regional and international levels.
- Establishing a database
According to the regulation, a copy of which was seen by Asharq Al-Awsat, the Authority achieved its goals in developing the necessary plans and policies for tourism marketing in the Kingdom, locally and internationally.
It must also promote destinations, propose developments in coordination with the Ministry of Tourism, and support and market events held by government agencies and the private sector.
The Authority will create a database of all available sites, tourist destinations, resorts, services, and events and update it periodically with the relevant authorities.
It will also be tasked with all Umrah-related promotions, including the development and management of its platform, in coordination with the relevant agencies.

Furthermore, the Authority will develop the necessary standards, tools, and mechanisms to measure visitor's experience and determine the priorities and challenges facing tourists. Reports will be shared with the Ministry.
The Authority will propose the necessary designs, policies, and procedures to prepare the development of tourist sites and destinations that need rehabilitation and submit them to the Ministry of Tourism.
- Marketing studies and research
Moreover, the Authority will work with the private sector to develop products and display them on platforms for local and global marketing.
It will prepare marketing studies and research on opportunities to develop the visitor experience in the Kingdom and cooperate with regional and international bodies and organizations.
The Authority must carry out marketing campaigns inside and outside the Kingdom to introduce tourism sites and products and register trademarks and any other intellectual property in its name, in accordance with the relevant regulations.
According to the new regulation, the Authority will develop media plans that support tourism marketing to be disseminated inside and outside the Kingdom.
It will also organize tourism forums, conferences, events, and exhibitions and participate.
- Small and medium enterprises
The Authority is scheduled to provide administrative, technical, and advisory assistance to tourism products' owners in the Kingdom and support small and medium enterprises in cooperation with the competent authorities.
It will also develop and implement training programs aimed at raising the efficiency of tourism marketing and contribute to the qualification and training of human cadres in this field.
Under the new regulations, the Authority will supervise media campaigns and advertisements promoting destinations and suggest investment opportunities that are required to improve the sector in the Kingdom.
It coordinates with the Ministry of Tourism, government agencies, and the private sector to develop a marketing policy for destinations and distribute tourism products outside the Kingdom to enhance the country's position as a global tourist destination.
- Tourist tracks

The Authority will determine the tourist tracks under the tourism sector strategy, in coordination with the Ministry, to ensure an experience consistent with the highest global standards.
The Minister of Tourism and Chairman of the Board of Directors of the Saudi Tourism Authority, Ahmed al-Khateeb, said the approval of the Authority's regulations confirms the government's continued support to achieve the goals consistent with Vision 2030.
Khateeb emphasized that the significant growth witnessed by the Saudi Tourism Authority is a direct result of the Saudi leadership's commitment to organizing and supporting the tourism sector in general and the Authority in particular.
The Minister stressed that the leadership's support has also helped attract visitors worldwide, develop tourism products, empower the private tourism sector, and participate in the most important local and international tourism forums and events.
He asserted that this alignment with the Kingdom's Vision 2030 is a significant milestone for the tourism sector in Saudi Arabia.



Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.

 

 

 


July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
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July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo

US imports of containerized goods in July hit the fourth-highest level for the month, as shippers rushed in goods ahead of unknown US tariff changes, supply chain technology provider Descartes Systems Group said on Monday.

US seaports handled 2.5 million 20-foot equivalent units (TEUs) in July, down 4.3% from the near-record result in July 2025. Through the first seven months of 2026, imports were down 0.9% year over year while remaining ⁠well above pre-COVID pandemic ⁠levels, Descartes said.

In late July, 10% global Section 122 tariffs expired and were replaced by new tariffs of up to 12.5% on imports from 60 countries tied to allegations of forced labor.

Chinese-origin imports rose to 873,129 TEUs ⁠in July, the highest monthly volume in a year.

China sends more goods via container to the US than any other country, even after President Donald Trump has targeted such products with tariffs.

Retailers like Walmart, Amazon.com and Home Depot account for roughly half of all US container imports, Reuters reported.

The traditional peak shipping season tied to their imports of goods for autumn and winter holiday promotions ⁠has ⁠been arriving earlier and over a longer period of time as shippers have responded to a string of supply-chain upheavals ranging from the COVID-19 pandemic and the ongoing US and Israeli war on Iran to rapidly changing US tariff policies.

"The broader trade environment remains unsettled. Elevated Strait of Hormuz risk, changing US tariff measures, tighter Panama Canal draft restrictions, and continued Red Sea disruption are influencing freight costs, routing decisions, and sourcing strategies," Descartes said.