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Jeddah Historic District Program, Cruise Saudi Sign MoU to Take in Rising Number of Int'l Cruise Visitors

The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
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Jeddah Historic District Program, Cruise Saudi Sign MoU to Take in Rising Number of Int'l Cruise Visitors

The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)

The Jeddah Historic District Program and Cruise Saudi, a company fully owned by the Public Investment Fund, signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors who will enjoy exploring the authentic sites of the historic district.

"Central to the goals of the Jeddah Historic District Program and Cruise Saudi is introducing the region's historical landmarks and cultural identity, enlivening its commercial outlets, encouraging entrepreneurs to invest in the region, and supporting Saudi tourist guides to enhance the tourist experience," said the Jeddah Historic District Program in a statement carried by the Saudi Press Agency on Monday.

Jeddah Historic District Program Director General Abdulaziz bin Ibrahim Al-Issa said: "The tourism sector is experiencing growth and prosperity, which contributes to boosting the Kingdom's presence on the global tourism map, in line with Saudi Vision 2030."

"Our strategic partnership with Cruise Saudi aims to drive economic growth and actively engage in the district's revitalization. We are committed to protecting the tangible and intangible heritage that earned the district its UNESCO status, recognizing its profound cultural impact," he added.

"Jeddah’s Historic District is one of our most popular Shorex destinations, and we continue to witness how much international passengers enjoy exploring its unique historic sites through the tours and experiences we offer," said Cruise Saudi CEO Lars Clasen.

"This MoU represents our shared vision and marks an exciting new chapter, paving the way for collaborative efforts to draw even more visitors to this enchanting destination while protecting its heritage and authenticity," he added.

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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN

A drive by Türkiye 's government to modernize the country's tax system will seek to boost revenue by tackling tax avoidance and scrapping incentives that are no longer needed rather than raising the overall burden, the finance minister said on Monday.

Mehmet Simsek said, however, that preliminary draft proposals being discussed within the government envisioned a minimum 15% corporate tax on multinational companies, confirming a report last month by state-owned Anadolu Agency.

According to Reuters, he did not give further details about the proposal. At present, multinational companies face varying levies depending on numerous factors.

Speaking to local broadcaster BloombergHT, Simsek said the government's plans - which would need to be approved by parliament - also included raising the corporate tax on public-private partnerships (PPPs) to 30% from 25% at present.

Simsek, who has spearheaded a year-long policy-tightening program to tackle soaring inflation, said in Monday's interview that the tax plan being discussed by government officials was in the early stages and could be subject to changes before being presented to parliament.

He said there were no plans to introduce a transaction tax on the purchase and sale of stocks, but the government could propose taxes on stock market gains sometime in the future.

Earlier this month, an economy official said Türkiye had almost finalized work on imposing a transaction tax on the purchase and sale of stocks and crypto assets.
The plans are part of broader efforts to boost government savings, fiscal discipline and price stability after years of turmoil that fueled soaring inflation.

As part of the tightening program, the central bank has aggressively hiked interest rates to 50% from 8.5% since June last year. Annual inflation hit 75% in May but was expected to have dipped in June.