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Saudi Arabia’s PIF plans to invest $3 billion in new tourism venture
25 Feb 2021 A cruise ship sails off Saudi Arabia’s western coast. File/Agence France-Presse
Saudi Arabia’s Public Investment Fund (PIF) launched a new venture that will invest $3 billion in developing tourism and infrastructure in the southwestern Asir region, the state news agency SPA reported.
The kingdom, which opened its doors in September 2019 to foreign tourists by launching a new visa regime for 49 countries, hopes to diversify its oil-dependent economy through tourism and wants the sector to contribute 10% of gross domestic product (GDP) by 2030.
Crown Prince Mohammed Bin Salman has long pushed the PIF as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil. Crude exports still account for more than half the kingdom’s income.
Read more about Oil prices hovers near 13-month highs as storm hits US production on Business Standard. Both contracts touched their highest since Jan. 8, 2020, earlier in the session with Brent at $67.49 and WTI at $63.67. The April Brent contract expires on Friday
By Scott DiSavino NEW YORK (Reuters) - Oil prices held near 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the winter storm in Texas. Brent futures for April delivery rose 10 cents, or 0.2%, to $67.14 a barrel by 11:36 a.m. EST (1636 GMT), while U.S. West Texas Intermediate (WTI) crude rose 44 cents, or 0.7%, to $63.66. The April Brent contract expires on Friday. In intraday trade, both contracts hit their highest since January 2020 and both are on track for their highest settlement in 13 months.