SINGAPORE: Oil prices were mostly stable on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East, according to Reuters.
Brent crude futures rose 6 cents, or 0.08 percent, to $72.37 a barrel by 7:00 a.m. Saudi time, while US crude futures were at $68.61 a barrel, up 7 cents, or 0.10 percent.
Both benchmarks fell nearly 2 percent on Wednesday. A single bank sold a large volume of US oil futures contracts in early afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices down.
The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely to extend their latest round of oil production cuts by at least three months from January when it meets online at 2:00 p.m. Saudi time on Thursday, OPEC+ sources told Reuters, to provide additional support for the oil market.
OPEC+ has been looking to phase out supply cuts through next year.
“Market participants are closely watching to see if OPEC+ will focus on bolstering prices by extending production cuts, or opt to defend its share of the global crude oil market by easing those cuts,†said Satoru Yoshida, a commodity analyst with Rakuten Securities.
“The OPEC+ decision may prompt a short-term reaction, but the oil market is likely to rise by year-end on expectations of a US economic recovery under the Trump administration and ongoing Middle East tensions,†he said.
For now, the uncertainty kept prices from recovering.
“As the production decision from OPEC+ awaits, there may be some de-risking as some investors price for the scenario that OPEC+ may disappoint,†said Yeap Jun Rong, market strategist at IG.
“I think it has become somewhat clear that OPEC+ hands are tied, and with a potential increase in oil production from a Trump Administration coming 2025, their aim to prop up prices may be more challenging,†Yeap added.
A larger-than-expected draw in US crude stockpiles last week also provided some support to prices.
US crude stocks fell more than expected last week as refiners ramped up operations, the Energy Information Administration said. Gasoline and distillate stockpiles rose by more than expected during the week.
In the Middle East, Lebanon’s Hezbollah has been significantly degraded militarily by Israel, but the Iran-backed group will likely try to rebuild its stockpiles and forces and pose a long-term threat to the US and its regional allies, four sources briefed on updated US intelligence told Reuters.
Israel said on Tuesday it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself.
Meanwhile, Donald Trump’s Middle East envoy has traveled to Qatar and Israel to kick-start the US president-elect’s diplomatic push to help reach a Gaza ceasefire and hostage release deal before he takes office on Jan. 20, a source briefed on the talks told Reuters.
º£½ÇÖ±²¥ puts tourism in the spotlight to attract investorsÂ
Updated 29 sec ago
Arab News
RIYADH: When º£½ÇÖ±²¥ launched its National Tourism Strategy aimed at attracting 100 million tourists annually by the end of this decade, some were doubtful about how the Kingdom was going to realize this ambitious dream.
But in 2024, º£½ÇÖ±²¥ welcomed 115.9 million tourists, easily surpassing the Vision 2030 target six years ahead of schedule.
The growth underscores the government’s push to position tourism as a pillar of economic diversification, as the Kingdom continues to reduce its dependence on crude revenues.
Having already reached its goal,, the Kingdom raised its target to 150 million annual visitors by 2030.
At the heart of this journey is raising investments in the tourism sector, which could accelerate the journey of the Kingdom to emerge as a global hub for visitors.
Unveiling the investment guide
Honoured to hand over our “Tourism Doing Business: Investing in º£½ÇÖ±²¥â€ to H.E. , Minister of Tourism of º£½ÇÖ±²¥, during - advancing our shared vision to attract sustainable investment & drive innovation for a resilient tourism future.
— Zurab Pololikashvili (@pololikashvili)
During the 26th session of the UN Tourism General Assembly, held in Riyadh from Nov. 7 to 11, the Kingdom unveiled “Tourism Doing Business – Investing in º£½ÇÖ±²¥â€ — a document showcasing the opportunities offered in the sector.
“º£½ÇÖ±²¥ is unlocking one of the world’s most dynamic tourism markets. With unmatched opportunities, world-class infrastructure, and streamlined investor pathways, we are building the most attractive destination for global tourism investment,†said Minister of Tourism Ahmed Al-Khateeb in the investment guide.
Writing in the report, Zurab Pololikashvili, the outgoing Secretary-General of UN Tourism, expressed similar views and said that tourism has been placed at the center of º£½ÇÖ±²¥â€™s broad national transformation, opening new pathways for diversification and investment.
According to Pololikashvili, the Kingdom’s rapid growth in the sector is not only redefining the country’s economy but also reshaping the global tourism landscape.
“Today, º£½ÇÖ±²¥ is a leader, offering a model of how vision, determination, and investment can come together to unlock the potential of tourism for the benefit of all,†said Pololikashvili.
In 2021, the UN World Tourism Organization opened its regional office in Riyadh, serving as its hub to coordinate policy and initiatives across its 13 Member States in the region.
“The decision to establish our first Regional Office in Riyadh stands as a milestone in the history of our Organization. From this base, we work hand-in-hand with the Kingdom to promote innovation, education, and investment among other areas, and to serve as a platform for cooperation across the Middle East and beyond,†said Pololikashvili.
He added that º£½ÇÖ±²¥â€™s support has allowed UN Tourism to strengthen its global presence and bring its programs closer to Member States, ensuring that the benefits of tourism are more widely shared.
What makes º£½ÇÖ±²¥ a preferred investment destination?
Tourists gather at the Elephant Rock geological site near Al-Ula, º£½ÇÖ±²¥. Shutterstock
The investment guide highlights the Kingdom’s key strengths and strategic advantages that make it one of the most promising tourism investment destinations globally.
According to the report, º£½ÇÖ±²¥â€™s diverse geography, rich tourism offering and the presence of a youthful population are crucial factors which make the Kingdom a perfect destination to invest in the sector.
The Kingdom is also home to eight UNESCO World Heritage Sites, two biosphere reserves, and 16 elements of intangible cultural heritage, many still untapped, providing solid foundations for tourism across heritage, adventure, wellness, and nature-based segments.
Location, connectivity and world-class infrastructure also give an upper hand to º£½ÇÖ±²¥ in the global tourism landscape.
“Situated within a seven-hour flight of more than 50 percent of the world’s population, º£½ÇÖ±²¥ benefits from global proximity and continued investment in connectivity,†said the report.
º£½ÇÖ±²¥â€™s air transport sector has undergone major expansion to support the goals of Vision 2030 and accommodate the growing volume of domestic and international travelers.
As of 2024, the Kingdom operates 29 airports, including 10 international, three regional, and 16 domestic airports. These facilities handled over 128 million passengers in 2024, reflecting a 15 percent increase compared to 2023 and a 45.8 percent increase since the launch of Vision 2030.
The development of giga-projects in the Kingdom including Neom, The Red Sea, AMAALA, Diriyah, and AlUla, are also redefining º£½ÇÖ±²¥â€™s tourism model, making it one of the most promising investment destinations in the sector across the world.
These state-backed, master-planned developments integrate sustainability, technology, and cultural heritage to create globally competitive destinations.
“For investors, these projects offer unprecedented entry points into one of the fastest-growing tourism markets in the world. Unlike traditional tourism developments, º£½ÇÖ±²¥â€™s giga-projects are master-planned from the ground up with integrated infrastructure, technology, and governance frameworks designed to attract long-term investment,†said the investment guide.
Collectively, these giga-projects are expected to contribute over $40 billion in GDP and attract millions of visitors annually, offering long-term opportunities in hospitality, infrastructure, creative industries, and services.
º£½ÇÖ±²¥ also offers a supportive financial sector and an enabling investment ecosystem for investors to come and explore the tourism industry in the Kingdom.
“º£½ÇÖ±²¥â€™s financial environment is anchored by the Public Investment Fund, with assets under management worth over $925 billion, and a dedicated Tourism Development Fund with $4 billion in capital,†said the investment guide.
It added: “Investors benefit from instruments including loans, equity, and guarantees starting from $4 million, while micro, small and medium enterprises are supported through tailored programs with entry points as low as $2,667. The 2024 Tourism Investment Enabler Program aims to unlock $11 billion in private capital and enable the development of 42,000 new hotel rooms.â€
PIF has committed over $100 billion to tourism, culture, and entertainment, with industry-specific projects accounting for a substantial share of this allocation.
The report added that º£½ÇÖ±²¥â€™s tourism sector is also offering huge opportunities for green investments, as sustainability is becoming a central pillar of the Kingdom’s strategy.
Visa changes
Inbound tourism growth has been strongly supported by visa facilitation reforms, most notably the rollout of the eVisa scheme, which now covers 66 countries.
The one-year, multiple-entry eVisa permits stays of up to 90 days and is valid for leisure, business events, visiting friends and relatives, and Umrah.
The scheme includes all major outbound markets, including the US, the UK, and Germany, as well as Japan and Australia, with China most recently added in mid-2024.
The Kingdom also launched a free electronic transit visa in 2024, allowing passengers in transit to stay in º£½ÇÖ±²¥ for up to 96 hours — encouraging stopover tourism and short-stay visits.
“This multi-pronged visa and connectivity strategy is central to º£½ÇÖ±²¥â€™s efforts to diversify its source markets beyond traditional regional flows and to capture a larger share of global tourism demand — particularly from high-volume, high-spending markets such as China,†added the investment guide.
The report added that º£½ÇÖ±²¥â€™s non-religious tourism has also recently expanded, with leisure tourism in the Kingdom gaining traction.
The average length of stay for international visitors to º£½ÇÖ±²¥ has increased notably in recent years. In 2024, the average stay reached 19 nights, up from 11 nights in 2019, reflecting a broader shift in the composition and purpose of visits.
Additionally, º£½ÇÖ±²¥ offers the largest capital market in the Middle East and North Africa region.
Backed by strong sovereign institutions, abundant liquidity, and a national strategy to diversify the economy, the Kingdom has created one of the region’s most supportive environments for tourism investment.
“Dedicated financial vehicles such as the Tourism Development Fund and the PIF channel public capital into tourism assets of all scales, while platforms like Invest Saudi streamline investor access, approvals and aftercare. Together, these mechanisms reduce risk, expand access to finance, and accelerate the delivery of bankable tourism projects,†added the report.
