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‘Cruise Saudi’ Works to Expand Maritime Access Globally

The tourism sector is one of the key pillars in achieving Vision 2030. (Cruise Saudi)
The tourism sector is one of the key pillars in achieving Vision 2030. (Cruise Saudi)
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‘Cruise Saudi’ Works to Expand Maritime Access Globally

The tourism sector is one of the key pillars in achieving Vision 2030. (Cruise Saudi)
The tourism sector is one of the key pillars in achieving Vision 2030. (Cruise Saudi)

As the season of Islamic holidays approaches, people are looking for ways to unwind, with coastal tourism being a popular choice.

Cruise Saudi, owned by the Public Investment Fund (PIF), is gearing up to open new maritime routes, making it easier for tourists to explore more of Saudi Arabia.

Cruise Saudi’s Chief Strategy Officer Ghassan Khan revealed plans to develop Jazan port as a new stop for global cruise ships, allowing passengers to explore the Kingdom’s southwest region.

Additionally, the company aims to boost tourism in Madinah, making it easier for visitors to access historical sites.

Cruise Saudi has been instrumental in attracting tourists to Saudi Arabia, aligning with the Kingdom’s Vision 2030 goals.

Khan noted the company’s significant growth, including the development of three strategic ports in collaboration with government and private partners.

In 2023, Cruise Saudi welcomed over 170,500 visitors from 120 countries, and 13 inaugural visits by international cruise companies.

Khan emphasized the growing interest in exploring Saudi Arabia’s history and culture among passengers.

Looking ahead, Cruise Saudi aims to open 10 ports by 2035, expecting to attract 1.3 million visitors through cruise ships, contributing to the Kingdom’s tourism sector growth.

Khan underscored that 77% of the company’s workforce is Saudi, and it aims to create 50,000 tourism-related jobs in the Kingdom by 2035, benefiting the local workforce, particularly youth.

Additionally, the company is collaborating with local universities and government bodies to provide training and skills development for Saudis looking to work in the tourism sector, including maritime tourism.

Cruise Saudi is also working closely with international cruise companies to include the Kingdom in its routes, and it is designing various tours to appeal to visitors of all ages and backgrounds.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.