Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.



Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
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Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)

Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) announced on Sunday the signing of a non-binding Memorandum of Understanding (MoU) to explore opportunities, cooperate and collaborate in mixed-use real estate projects at developments owned by PIF and its projects across the Kingdom, PIF said in a statement.

By leveraging PIF’s extensive investment capabilities, scale, and ecosystem, alongside TMG’s track record in delivering integrated mixed used developments, the parties aim to unlock opportunities across the residential, commercial, hospitality, and retail sectors, as well as integrated urban environments.

The new agreement would further accelerate project delivery and value creation for PIF and its projects, it said.

The MoU supports PIF’s urban development and livability ecosystem, one of six ecosystems outlined in its 2026-2030 strategy.

The partnership, under PIF’s umbrella, would achieve several operational opportunities, mainly:

- Urban development to build integrated, human-centric communities and destinations that enhance connectivity and elevate the quality of life.

- Mixed-use real estate that develops mega, mixed-use urban communities in addition to the development of offices, commercial spaces, and entertainment complexes supported by integrated basic services.

- Expanded private sector to create a collaborative framework that opens avenues for participation from additional investors to join future phases of projects, and foster knowledge transfers and expand private sector roles as investors, partners and suppliers.

Integrated investment, leadership in regional development

The new alliance will be based on well-established principles from both signing parties.

The MoU is part of PIF’s broader strategic goals to diversify Saudi Arabia’s economy. PIF continues to build regional and international partnerships to diversify the non-oil economy and further unlock the full potential of the Saudi strategic assets and maximizing long-term returns.

TMG is a real estate and tourism conglomerate, and one of the region’s leading fully integrated businesses. For nearly 55 years, the Group has successfully developed fully integrated cities and communities and created world-class hotels and resorts.

TMG brings extensive regional experience in delivering large scale integrated residential, commercial and hospitality projects across the region, enhancing the technical and managerial capacity of this collaboration.

Accelerating homeownership among Saudis

The new partnership aligns with Saudi Arabia’s Vision 2030 strategy to diversify the economy, attract investment and increase private-sector participation in key industries.

It mainly supports efforts to expand housing supply and develop integrated communities as the Kingdom works toward raising homeownership among Saudi citizens to 70% by 2030.

PIF said the non-binding MoU is subject to the satisfaction of certain conditions precedent and obtaining all necessary regulatory and internal approvals.


Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
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Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)

Gold prices extended losses on Monday on rising fears of a US rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns.

Spot gold fell 1% to $4,287.66 per ounce by 0544 GMT. Prices fell about 3% on Friday, hitting the lowest since March 24.

US gold futures for ‌August delivery were ‌down 1.2% at $4,311.

"It is all based on ‌the ⁠hawkishness that the ⁠market has started to place on the Fed futures," said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.

The yield on the benchmark 10-year US Treasury note rose after jumping to a two-week high in the previous session, increasing the opportunity cost of holding non-yielding ⁠bullion.

Israel said it struck military targets in ‌western and central Iran on Monday, ‌even after US President Donald Trump reportedly told Israeli Prime Minister Benjamin ‌Netanyahu to refrain from further attacks.

Oil prices rose more than $3 ‌a barrel, deepening concerns over inflation and interest rate hikes.

While gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.

The US economy posted a third ‌straight month of strong job gains in May, confirming the labor market was gaining traction after ⁠stumbling last ⁠year and giving the central bank more room to keep rates steady amid rising inflation due to the Iran war.

Markets are pricing in a Federal Reserve rate hike before year-end, with a 72% chance of a move by December, according to CME Group's FedWatch tool.

Cleveland Fed President Beth Hammack said on Friday that new jobs numbers show the labor market was roughly in balance and near full employment, while continued high inflation may require the Fed to raise rates soon to contain it.

Spot silver was down 2.2% at $66.33 per ounce, platinum lost 2.1% to $1,739.78, and palladium fell 1.5% to $1,207.50.


Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
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Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)

Riyadh Air, a Public Investment Fund company, has announced the launch of five new destinations - Cairo, Dubai, Jeddah, Madrid, and Manchester - as the first three Boeing 787-9 Dreamliner aircraft in its modern fleet have arrived.

The carrier said the new destinations are part of its expansion plans to strengthen air connectivity between Riyadh and several of the world’s prominent economic, tourism, and cultural hubs, adding that more destinations will join its network in the coming weeks.

The announcement continues Riyadh Air’s operational progress, with its third new aircraft arriving in the Kingdom on Sunday, strengthening its operational readiness and supporting its target of connecting Riyadh to more than 100 destinations worldwide by 2030.

Flights to Jeddah are scheduled to begin June 14, followed by Dubai on June 18 and Cairo on June 25. Flights to Madrid will start on July 17, and Manchester on July 23.

Riyadh Air also announced that it has moved up its inaugural London flight from July 1 to June 10, in conjunction with the early delivery of its new aircraft.

Riyadh Air’s modern fleet features cabins equipped with the latest technologies and enhanced onboard experiences, along with a range of hospitality services designed to the highest international standards, providing passengers with a complete travel experience.