Saudi Arabia, China forge tourism partnerships to boost investment, travel

Saudi Tourism Minister Ahmed Al-Khateeb held a meeting with Sun Yeli, minister of culture and tourism, in Beijing. SPA
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Updated 20 October 2024
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Saudi Arabia, China forge tourism partnerships to boost investment, travel

JEDDAH: Officials from Saudi Arabia and China have begun discussions to enhance tourism ties, boost investment, and expand travel opportunities.

Ahmed Al-Khateeb, the Kingdom’s tourism minister, met with representatives from the China Chamber of Tourism to promote cooperation and strengthen bilateral relations in the travel sector.

He also explored investment opportunities in Saudi Arabia’s hospitality industry with Chinese investors.

In a post on his X account, Al-Khateeb said: “During my visit to China, I met with Chinese investors and discussed the great potential and investment opportunities in Saudi Arabia’s tourism sector and ways for collaboration to elevate the experience of tourists.”

In June, the Kingdom announced its official Approved Destination Status, effective July 1, following participation in the second China Roadshow and ITB China in Shanghai.

This designation marks a significant milestone for group travel to Saudi Arabia and underscores its commitment to becoming a strategic economic partner with this leading East Asian nation.

The status opens new opportunities in the tourism sector, fostering mutual understanding, friendship, and economic development for both countries, as reported by the Saudi Press Agency.

As Saudi Arabia aims to make China its third-largest source market for international arrivals, with a goal of attracting 5 million tourists by 2030, the Kingdom has proactively prepared to be “China-ready.”

Efforts include a substantial increase in direct flights since 2023, the introduction of tailored products, and the establishment of strategic partnerships to enhance group and flexible independent travel experiences.

During his visit to China, Al-Khateeb also met with Sun Yeli, minister of culture and tourism; Zhao Qi, chairman of Jin Jiang Group; and Peter Zheng, CEO of Maoyan Entertainment.

They discussed bilateral relations and ways to enhance cooperation between the two countries to build a sustainable future for the tourism sector.

In a separate statement, Al-Khateeb emphasized that Saudi and Chinese cultures are connected by shared values such as family, tradition, and hospitality.

“These similarities are at the heart of our relationship. As we continue to build bridges, we welcome friends from China and the world to experience our authentic Arab heritage,” he said.

The Kingdom’s tourism officials recently launched a global promotional campaign in Beijing with the inauguration of the Saudi Travel Expo at Tiantan Park, which will run until Oct. 26.

Al-Khateeb led a delegation of senior officials and key partners from the tourism sector to strengthen Saudi Arabia's position on the global map and showcase the Kingdom's readiness to welcome visitors from China. The delegation engaged in a series of meetings and signed several memoranda of understanding with leading Chinese companies.

The Saudi minister stated: “With this global campaign, we aim to enhance cooperation with China by forming strategic partnerships to grow the tourism sector in both our countries. We are excited to welcome Chinese tourists to experience our vibrant tourism offerings, especially now that the Kingdom has been recognized as a premier destination for travelers from China,” as quoted by SPA.

The Saudi Travel Expo featured interactive sections that highlighted the beauty of tourism destinations such as Diriyah, AlUla, and Al-Baha, allowing visitors to take personal photographs amid the Kingdom’s iconic landmarks.


European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

Updated 02 March 2026
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European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

  • Analysts warn prolonged disruption could push prices higher
  • Some shipments of oil, LNG through Strait of Hormuz suspended
  • Benchmark Asian LNG price up almost 39 percent

LONDON: ​Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.

Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.

Most tanker owners, oil majors and ‌trading houses ‌have suspended crude oil, fuel and liquefied natural ​gas shipments ‌via ⁠the ​Strait of ⁠Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.

Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.

Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other ⁠sources of the gas, driving up prices internationally.

“Disruptions to ‌LNG flows would reignite competition between ‌Asia and Europe for available cargoes,” said ​Massimo Di Odoardo, vice president, gas ‌and LNG research at Wood Mackenzie.

The Dutch front-month contract at the ‌TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.

Prices were already some 25 percent higher earlier in the day but extended gains ‌after QatarEnergy’s production halt.

Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global ⁠Energy Japan-Korea-Marker, widely used ⁠as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.

“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.

Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure ​Europe showed. In the European carbon ​market, the benchmark contract was down €1.10 at €69.17 a tonne