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.



Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
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Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)

Kuwait’s Finance and Investment Minister, Dr. Anwar Al-Mudhaf, anticipates a budget deficit of 26 billion dinars ($85 billion) over the next four years. Speaking to Kuwait TV, he revealed that in the past decade alone, Kuwait accumulated a deficit of 33 billion dinars ($107.7 billion), financed from state reserves.

Looking ahead to the 2024-2025 fiscal year, Kuwait expects revenues of 18.9 billion dinars ($61.7 billion) against expenditures of 24.5 billion dinars ($80 billion), resulting in a projected deficit of 5.6 billion dinars ($18.2 billion).

Al-Mudhaf emphasized the need for economic reforms, focusing on fiscal sustainability and diversifying non-oil revenues to strengthen Kuwait’s economy.

He outlined nine initiatives aimed at restructuring the budget and increasing non-oil income, stressing that these reforms are essential and supported by the country's leadership.

Regarding social support, Al-Mudhaf assured that citizens’ salaries will be unaffected, with subsidies directed more equitably to those in genuine need. He highlighted the importance of fair distribution of support, addressing disparities between individual and corporate beneficiaries.

Al-Mudhaf reaffirmed Kuwait’s commitment to economic reform through initiatives aimed at enhancing trade, tourism, and financial sectors while preserving reserves for future generations.

Moreover, the minister emphasized that the country’s ruler has directed clear efforts to boost new investment opportunities, refuting claims of impending salary or bonus cuts as untrue. He urged people not to trust social media rumors about the Ministry of Finance or any other ministry.

Regarding foreign investments, the Al-Mudhaf said: “We have multiple agreements with Chinese firms and are working on developing free trade zones.”

“The Chinese government has assigned a company to handle and represent its interests in Kuwait, particularly at Mubarak Port. Additionally, there are agreements concerning the Shaqaya project, housing developments, and the northern region,” he clarified.

Al-Mudhaf also stressed the importance of supporting the private sector, expanding trade, and diversifying financial tools.