GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
TT

GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh

Gulf Cooperation Council Secretary-General Jassim Al Budaiwi confirmed that GCC nations are working towards introducing a unified Gulf visa for global travelers.

Al Budaiwi mentioned that during their recent summit in Doha, Gulf leaders greenlit a single tourist visa for the region.

They urged the General Secretariat, along with member states, especially the Ministry of Interior representatives, to fast-track its implementation.

This move aims to allow any international visitor to explore the Gulf countries with just one visa.

Speaking to Asharq Al-Awsat on the sidelines of the World Economic Forum’s special meeting in Riyadh, Al Budaiwi expressed hope that this step would boost regional tourism and save travelers time and money.

Recent data shows that the travel and tourism sector contributed 7.8% to the GDP of GCC countries in 2022. They aim to raise this to 10% in the future.

Al Budaiwi confirmed progress on the unified visa, with discussions in their final stages among Gulf countries. He stressed the need for careful consideration due to security and technical concerns.

Regarding trade agreements, Al Budaiwi mentioned completed deals with Pakistan and South Korea last year and a recent one with Türkiye.

Talks are ongoing for a trade agreement with the UK, with discussions planned in the next two weeks.

Talks with the EU have been on hold for over a decade, but both sides are interested in resuming discussions.

“A delegation from the GCC General Secretariat will visit to initiate preliminary discussions, not negotiations, with EU representatives,” said Al Budaiwi.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.