Expat remittances from Saudi Arabia hits $3.2bn in June

TOKYO: Oil prices rose more than $2 in Asian trading on Monday after the US and China said they would ease some of their tariff measures, lifting market sentiment that the world's two largest crude users may be moving toward resolving their trade dispute. 

Brent crude futures climbed $2.11, or 3.3 percent, to $64.14 a barrel by 10:14 a.m. Saudi time. US West Texas Intermediate crude futures were trading at $63.14 a barrel, up $2.12, or 3.47 percent, from Friday’s close. 

Both sides said on Monday they would suspend 24 percent of additional ad valorem tariffs on goods from the other country for an initial period of 90 days, in a joint statement following trade talks in Geneva over the weekend. 

Both benchmarks rose more than $1 on Friday and gained over 4 percent last week for their first weekly gains since mid-April, after a US trade deal with Britain swelled investors’ optimism that economic disruptions from US tariffs on trading partners may be avoided. 

The US and China had ended trade talks on a positive note on Sunday, with US officials touting a “deal” to reduce the US trade deficit, while Chinese officials said both had reached “important consensus.” 

Positive talks between the world’s two largest economies could help boost crude demand as trade, currently disrupted by massive tariffs levied by both countries, is restored between them. 

Toshitaka Tazawa, an analyst at Fujitomi Securities, said that OPEC’s plan to raise output capped gains. 

Tazawa was referring to plans by the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, to accelerate output hikes in May and June that will add more crude to the market. 

However, a Reuters survey found that OPEC oil output edged lower in April. 

Additionally, talks between Iranian and US negotiators to resolve disputes over Tehran’s nuclear program ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment. 

A US-Iran nuclear deal could alleviate concerns about lower global oil supply, which could also pressure oil prices. 

Last week, US energy firms cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said on Friday.

RIYADH: Saudi Arabia’s hospitality sector saw a boost on the opening day of the Future Hospitality Summit, with more than 1,000 new hotel keys announced across several high-profile agreements.

Key signings on Sunday included new hotel developments in Jeddah, Madinah, and Qassim, underscoring sustained investor confidence in the Kingdom’s ambitious tourism expansion plans.

Among the notable announcements was BWH Hotels’ partnership with Optimal Real Estate and Rsoukh Trading Co. to develop five new properties across Jeddah and Madinah. The move signals a major step forward in the group’s regional expansion strategy.

“We signed five hotels between Jeddah and Madinah,” said Mujahid Pasha, director of development Middle East at BWH Hotels, in an interview with Arab News on the sidelines of the event.
“The partnership only brings five hotels, but these five hotels represent about 1,000 keys in total,” Pasha added.

The centerpiece of BWH’s announcement is a 540-room Best Western Premier property in Madinah, located just 600 meters from the Prophet’s Mosque.
“This is one of the big hotels we just signed today,” said Pasha. “We talk about an upper, upscale offering, which is our Best Western Premier brand.”

Another highlight is a luxury WorldHotels Elite property on King Road in Jeddah — often referred to as the “Golden Mile” due to its prime location. The development will include 215 guest rooms and approximately 300 office units as part of a broader mixed-use complex.

“WorldHotels is our luxury and high-end offering,” said Pasha. “The King Road doesn’t have any luxury offerings, so we wanted to use that brand.”

Three additional hotels will be introduced under BWH’s SureStay brand—its economy and midscale portfolio—including two SureStay Studios and one SureStay Hotel.

“These brands are not in the region as well. The first in the region will be in Saudi Arabia,” Pasha noted, confirming that two of the SureStay properties will be in Jeddah and one in Madinah.

BWH Hotels, which operates 18 brands globally, is leveraging its diverse portfolio to target a broad range of travelers and budgets.

In another development, Amsa Hospitality announced a new four-star hotel project in Qassim in collaboration with Alkayan Alarabi. The property will be located within the Al-Kayan Avenue mall on Al-Imam Al-Bukhari Road.

“This is a new hotel, newly developed, with 174 keys including suites, meeting rooms, gym, two restaurants, and a spa,” said Amsa CEO Muin Serhan.

Designed to serve both business and leisure travelers, “the hotel is currently under development and is expected to complete development by the end of this year with official operations expected later in the first quarter of next year,” Serhan added.

Rounding out the day’s announcements, IHG Hotels & Resorts and Ashaad Co. signed an agreement to develop three new hotels in Jeddah and Alkhobar, further adding to the Kingdom’s growing hospitality portfolio.

Beyond real estate deals, the summit spotlighted the industry’s growing focus on talent development. Organizers launched the inaugural NextGen Investment Forum, aimed at addressing workforce challenges in the tourism and hospitality sectors.

“For the first time at FHS Saudi, we proudly introduce the NextGen Investment Forum, a new platform dedicated to addressing one of the most critical issues and urgent challenges in our history—investing in our people,” said Jonathan Worsley, chairman and CEO of The Bench, which organizes the hospitality event.

Worsley emphasized the hospitality sector’s global economic impact.
“Hospitality and tourism is a massive industry, a massive force in today’s contribution to global gross domestic product,” he said.
“It’s the world’s third largest economic sector,” Worsley added, citing 357 million jobs worldwide and a $1.1 trillion contribution to global GDP.

According to summit figures, the industry will require 100 million additional jobs over the next five years to meet rising demand. In Saudi Arabia alone, a $110 billion investment in the sector is set to deliver 362,000 hotel rooms by 2030.

“We need an additional 1 million jobs in the Kingdom by 2030,” Worsley stated. “The foundations of sustainable growth must begin with education and training.”

The NextGen forum aims to bridge the gap between education and industry by fostering dialogue on training, investment, and talent retention.
“We’re bridging the gap between academia and what the industry needs—exploring funding and investment opportunities in hospitality education and enhancing the industry’s appeal to retain talent and reduce turnover,” Worsley said.

During a panel discussion on global tourism trends, Harry Theoharis, member of the Hellenic Parliament and candidate for secretary-general of the UN World Tourism Organization, praised Saudi Arabia’s transformation.

“Saudi Arabia’s tourist plans, if anything, are one of the biggest success stories,” he said.
“We’ve seen Saudi Arabia transform itself from a very specific and niche market of religious tourism, which was the staple of Saudi Arabia, to a very vibrant, very energetic, very young-oriented destination attuned to the wills of the young population,” Theoharis added.

More than 1,000 global tourism leaders, investors, and operators have convened in Riyadh for the Future Hospitality Summit, held from May 11–13 at the Mandarin Oriental Al Faisaliah. Centered on the theme “Where Vision Shapes Opportunity,” the event features panels, investment showcases, and strategic signings shaping the future of hospitality in Saudi Arabia and beyond.