Saudi Tourism Minister Announces Support for 17 Tourism Projects in Al-Ahsa

Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
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Saudi Tourism Minister Announces Support for 17 Tourism Projects in Al-Ahsa

Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA
Saudi Minister of Tourism Ahmed Al-Khateeb highlighted the main investment opportunities in the tourism sector. SPA

Saudi Minister of Tourism Ahmed Al-Khateeb has met with several investors and entrepreneurs in Al-Ahsa Governorate as part of his tour to various regions and governorates of the Kingdom coinciding with the Saudi winter events calendar.
In the meeting, he highlighted the main investment opportunities in the tourism sector, emphasizing the ministry's commitment to providing comprehensive services and facilities to enable investors to join the promising sector.

Al-Khateeb noted that the tourism ecosystem supports numerous projects in Al-Ahsa, including 17 unique tourism initiatives valued at over SAR3.5 billion, providing more than 1,800 hotel rooms.

The projects aim to boost the tourism sector, leveraging Al-Ahsa's exceptional features that qualify it to become a major tourist destination in the Kingdom and the region, the minister said.

During his tour, he made a stop at the Radisson Blu Hotel in Al-Ahsa, a beneficiary of the Tourism Development Fund. Covering an area of over 10,000 square meters and costing more than SAR200 million, the hotel boasts more than 180 rooms.

It stands as a model tourist destination that combines international luxury with local authenticity, reflecting the unique charm of Al-Ahsa.



Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.