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.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.