Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
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Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA

The establishment of "the Red Sea National Academy" (TRSNA) was announced during the Human Capability Initiative held in Riyadh to implement joint programs between the Technical and Vocational Training Corporation, Colleges of Excellence and Red Sea Global, to qualify trainees with technical specializations that align with the demands of the labor market in the region.

The announcement of the establishment was made under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom.

TRSNA will be established and operated in Al-Wajh and develop joint training programs that are aligned with the needs of the labor market.

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. The signing of the agreement was sponsored by Minister of Education Yousef Al-Benyan.

The agreement involved the Vice Governor of Planning & Business Development at the Technical and Vocational Training Corporation, Reem Al-Muqbel, CEO of Colleges of Excellence, Eng. Ayman Al-Abdullah, and Group CEO of Red Sea Global John Pagano.

Al-Muqbel underscored the Technical and Vocational Training Corporation's commitment to developing national human resources through various training programs and building strategic partnerships with the private sector to address the labor market's needs for qualified human resources.

Al-Abdullah expressed confidence in TRSNA's ability to supply the tourism sector with qualified Saudis. He emphasized that TRSNA will create a stimulating training environment to enhance creative and innovative skills among trainees, becoming a leading center for education and training in the field of tourism, thereby enhancing the Kingdom's position as a global tourist destination.

Highlighting TRSNA as part of the Strategic Partnership Institutes in the Kingdom emphasizes its commitment to providing high-quality training programs tailored to the evolving demands of the labor market.

Pagano commented that, as one of the core projects in making Vision 2030 a reality, RSG is at the forefront of the Kingdom's growing tourism industry.

It has two hotels open, with an additional four resorts scheduled to open by the end of this year and 19 hotels across The Red Sea and Amaala opening next year.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.