Indian Minister to Asharq Al-Awsat: We Expect Steady Growth in Tourism Between New Delhi and Riyadh

Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan holding talks with India’s Minister of Tourism and Culture Gajendra Singh Shekhawat,X)
Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan holding talks with India’s Minister of Tourism and Culture Gajendra Singh Shekhawat,X)
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Indian Minister to Asharq Al-Awsat: We Expect Steady Growth in Tourism Between New Delhi and Riyadh

Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan holding talks with India’s Minister of Tourism and Culture Gajendra Singh Shekhawat,X)
Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan holding talks with India’s Minister of Tourism and Culture Gajendra Singh Shekhawat,X)

India’s Minister of Tourism and Culture Gajendra Singh Shekhawat said he was optimistic about the future of tourism ties between his country and Saudi Arabia, saying that many young Saudis choose India as a favored tourist destination, while a good number of Indian tourists traveled to Saudi Arabia last year, expecting further steady growth in this movement over the coming years.

Building on this, he affirmed his country’s commitment to establishing broad practical cooperation with Riyadh, covering key sectors including economy, culture, and tourism. He also highlighted a set of challenges facing the global tourism sector, calling for joint governmental efforts to strengthen its resilience and adopt sustainability principles.

Speaking to Asharq Al-Awsat on the sidelines of the UN Tourism 26th General Assembly in Riyadh, the Indian minister said that global tourism is undergoing a major transformation that requires “stronger collaboration between governments and industry to enhance resilience, embrace sustainability, and ensure benefits are shared widely.” He looked forward to launching future joint production projects and initiatives with Saudi Arabia.

On this occasion, he congratulated Saudi Arabia for their successful hosting of the Assembly this year, noting that he had seized the opportunity to interact with his counterpart Ministers in Tourism and Culture during the visit, and to visit some prominent historical and cultural sites in the Kingdom.

Challenges Facing the Sector

The Indian minister acknowledged that the global tourism sector is going under a period of adjustment and facing multiple interconnected challenges, while international travel has rebounded post-pandemic, with many destinations still suffering from staff shortages, limited air connectivity, and uneven business recovery.

He added that climate change continues to pressure the sector to adopt sustainable practices, while geopolitical tensions and safety concerns affect traveler confidence. Tourists increasingly seek meaningful, tech-driven, and eco-conscious experiences, prompting destinations to rethink their travel offerings. Popular destinations face over-tourism, whereas emerging ones often lack the infrastructure for responsible growth. Persistent issues also include skills shortages, slow digital adoption among smaller operators, and the need for more inclusive and accessible tourism.

Tourism’s Economic Contribution

Regarding the size and economic contribution of tourism in India, and the steps taken by the Indian government to attract more foreign tourists, Shekhawat said that India is a prominent tourist destination and has shown consistent growth over the last few years.

He added that tourism contributes about 5% of the total GDP and supports close to 80 million direct and indirect jobs, serving as a principal source of foreign exchange earnings.

Shekhawat noted that his government has launched comprehensive reforms and focused investments to grow the tourism sector, including visa reforms, destination development, emphasis on healthcare and wellness tourism, and international partnerships.

He confirmed that India has opened the e-visa process where Saudi nationals can apply online and receive tourism visa within 72 hours.

India–Saudi Cooperation

Shekhawat emphasized that India and Saudi Arabia share deep-rooted cultural and historical ties based on centuries of exchange, trade, and people-to-people connections, stressing that cultural and tourism cooperation remain key pillars of our strategic partnership.

He said: “To further strengthen this bond, a Ministerial Committee on Tourism and Cultural Cooperation was established under the India–Saudi Arabia Strategic Partnership Council during the State Visit of Hon’ble Prime Minister of India to the Kingdom in April 2025.”

The Minister added: “During my current visit, I had a fruitful meeting with Saudi Minister of Culture, HH Prince Badr bin Abdullah bin Farhan Al-Saud and we also signed an MoU on Cultural Cooperation between our two countries. We discussed ways to enhance our cultural ties, promote exchanges between our cultural institutions, and intensify participation in each other’s cultural events and festival.”

Shekhawat concluded: “Many young Saudis choose India as a favored tourist destination, and a good number of Indian tourists traveled to Saudi Arabia last year. We expect these numbers to grow steadily over the coming years.”



Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar was on track for its first weekly gain in three weeks on Friday in broadly muted trading, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions.

While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming a huge cargo ship, leaving the timing of the reopening of the world's most important shipping corridor uncertain and keeping oil prices elevated.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, slipped 0.1% to 98.75 but remained on track for a weekly gain of 0.5%. The euro was 0.1% higher at $1.169, Reuters reported.

Sterling edged 0.1% higher, with stronger-than-expected UK retail sales for March barely moving the needle.

"If you look at the last week the major theme is just that there's no real progression with peace talks. For markets, it's difficult when there's no deadline," said Tommy Von Brömsen, FX strategist at Handelsbanken in Stockholm.

Brent crude futures rose 1.5% to $106.60 a barrel.

The dollar has drawn safe-haven demand amid the uncertainty. It gained ground in March as concerns over the conflict deepened, but gave back some of those gains this month as optimism over a potential resolution grew.

"Oil and the dollar are still moving pretty closely together, and with crude creeping back up ... I'd say the dollar is still staying fairly firm," said Sho Suzuki, a market analyst at Matsui Securities.

Meanwhile, the yen was steady after four days of losses, rising 0.1% to 159.7 per dollar.

CENBANK BONANZA LOOMS

Traders are looking ahead to a central-bank-heavy week next week, with the Bank of Japan, European Central Bank, Bank of England and Federal Reserve among those due to deliver policy decisions.

"The main message from the central banks is that they are - so far at least - in a kind of 'wait-and-see' approach," said Handelsbanken's Von Bromsen.

He said the focus will be on communication and guidance, as market watchers assess how policymakers are digesting not just higher energy prices but the second-round effects of potentially higher inflation.

The European Central Bank will hold its deposit rate on April 30 but hike it in June, according to just over half of economists polled by Reuters, in a bid to protect a war-induced energy shock from knocking the euro zone economy off balance.

Meanwhile in Japan core consumer inflation slowed below the central bank's 2% target for a second straight month in March. Analysts, though, expect inflation to accelerate back above the Bank of Japan's target in coming months, as companies begin to pass on higher fuel costs from the Middle East conflict.

The BOJ is set to hold its two-day policy meeting ending on Tuesday. Reuters reported the bank is likely to hold off raising interest rates next week as fading prospects of a near-term end to the Middle East war keep the country's economic and price outlook highly uncertain. The BOJ is still expected to signal its readiness to hike to counter mounting price pressures.

Japanese Finance Minister Satsuki Katayama reiterated her verbal warning on intervention on Friday that authorities can take "decisive" action against speculative moves in the foreign exchange market, a day after saying Japan has a "free hand" to intervene and that past interventions had been effective.

The Australian dollar rose 0.1% versus the greenback to $0.7135. New Zealand's kiwi rose 0.1% to $0.5859.

In cryptocurrencies, bitcoin was little changed at $77,895.85.


Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
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Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT

Gold prices fell on Friday and were on course for their first weekly decline after a four-week winning streak, as a US-Iran deadlock kept oil prices elevated and inflation concerns in focus.

Spot gold was down 0.2% at $4,683.23 per ounce at 0938 GMT, having hit its lowest point since April 13. It is down almost 3% so far this week. US gold futures for June delivery fell 0.5% to $4,699.

"Oil is going to be a pinch point in the Strait of Hormuz. It's going to remain elevated. And for sure, the decline in gold has mirrored the rally in oil," said independent analyst Ross Norman.

"The reality is gold is struggling to get upside momentum. When you can't breach the upside, you tend to attack the downside, and I think that's probably where we're at right now," Norman added.

Brent crude prices have risen about 18% so far this week and held above $105 a barrel, on concerns of a renewed military escalation in the Middle East and a lack of progress in re-opening the key waterway.

Higher crude oil prices can stoke inflation, increasing the likelihood that interest rates stay higher for longer.

While gold is often seen as an inflation hedge, elevated rates make yield-bearing assets more attractive, weighing on demand for non-yielding bullion, according to Reuters.

US President Donald Trump said he was in no rush to reach a peace agreement with Iran and wanted it to be "everlasting," while continuing to assert that the US had a clear upper hand in the naval stand-off in the strait.

Meanwhile, the dollar was on track for its first weekly gain in three weeks, while the benchmark 10-year US Treasury yields gained 2% this week.

On the physical demand side, gold premiums in India climbed to their highest in over two-and-a-half months this week, as supplies tightened, while buying interest picked up in China.

Spot silver fell 0.7% to $74.88 per ounce, platinum lost 1.4% to $1,978.84 and palladium gained 0.4% at $1,475.35.


Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
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Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)

Container shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the Strait of Hormuz but did not have any information on the circumstances or timing.

Four out of initially six ships remain in the Gulf, after one ship's charter agreement expired, meaning it no longer belongs to the Hapag-Lloyd fleet, a spokesperson added.

The four ⁠Hapag ships remaining ⁠in the Gulf are staffed with 100 crew, who are well-supplied with food and water, Reuters quoted him as saying.

Scores of tankers and other vessels remain stuck in the Gulf as the United States is ⁠struggling to keep control of the Strait of Hormuz, one of the world's busiest shipping corridors.

The Iran war, launched by the US and Israel on February 28, has been paused since a ceasefire on April 8.

The US and Iran met in Pakistan in an attempt to end hostilities, but talks ended without agreement and ⁠a ⁠second round has yet to take place.

Tehran says it will not consider opening the strait until the US lifts its blockade of Iran's shipping, which Washington imposed during the ceasefire and Tehran calls a violation of that truce.

This week, Iran flaunted its grip over the strait with a video of commandos in a speedboat storming a huge cargo ship.