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Cruise Saudi Announces Development of Private Red Sea Island for Cruise-Ship Tourism

The announcement was made during a ceremony held at Cruise Saudi’s headquarters in Jeddah. SPA
The announcement was made during a ceremony held at Cruise Saudi’s headquarters in Jeddah. SPA
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Cruise Saudi Announces Development of Private Red Sea Island for Cruise-Ship Tourism

The announcement was made during a ceremony held at Cruise Saudi’s headquarters in Jeddah. SPA
The announcement was made during a ceremony held at Cruise Saudi’s headquarters in Jeddah. SPA

Cruise Saudi, a company fully owned by the Public Investment Fund (PIF) and specialized in developing the Kingdom’s cruise tourism sector, announced the signing of a contract with PC Marine Services company to develop a private island in the Red Sea as an exclusive destination for cruise-ship passengers.
The announcement was made during a ceremony held at Cruise Saudi’s headquarters in Jeddah.
This project is a strategic step in Cruise Saudi's vision to enhance the cruise sector in the Kingdom, aligning with the goals of Saudi Vision 2030, which aims to diversify the national economy and increase the contribution of tourism to gross domestic product (GDP).
The new island will reflect authentic Saudi heritage through its design and diverse experiences, enhancing its status as the first of its kind in the Red Sea dedicated to cruise-ship passengers.
It is expected to be ready to welcome visitors by December 2024, positioning itself as a unique and prominent destination on the Kingdom's cruise tourism map.
The project aims to offer tourists a diverse range of recreational activities, both coastal and aquatic, complemented by a variety of unique facilities and services designed to create unforgettable experiences for all visitors. Among the amenities planned are a welcome center, dining area, beach club, private villas, sunbathing spots, and more. During the initial phase, the island will have the capacity to host up to 2,000 guests.
Cruise Saudi executive director of commercial and business development Mashhoor Baeshen said the project will significantly enhance the maritime tourism sector in the Kingdom, with the island poised to become a standout attraction for visitors exploring the Red Sea.
PC Marine Services president and chief executive Adnan Alshareef highlighted that the new island initiative presents a valuable opportunity to contribute to the advancement of the Kingdom's maritime infrastructure, fostering growth within the maritime tourism sector in alignment with the goals of Vision 2030.
PC Marine Services, a prominent player in the maritime project industry, has handled a diverse portfolio of significant projects, including the Obhur Waterfront Development project in Jeddah and the Cruise Berth Improvements project in Jeddah, Yanbu, and Dammam ports.

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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto
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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto

Iran's crude export loadings have fallen sharply, according to observed and estimated tanker loadings, as Tehran braces for a potential strike on the country's key oil infrastructure as part of an Israeli retaliation that could impact Middle Eastern oil supplies.

Iran's last crude export cargo was estimated to have loaded on Oct. 4 with only one other cargo seen since Sept. 29, when the geopolitical conflict between Iran and Israel escalated, according to S&P Global Commodities at Sea.

Although many Iranian crude exports are shipped in 'dark' tankers not transmitting GPS location signals, CAS estimates that Iran's crude exports slumped to 237,000 b/d in the week to Oct. 6, the lowest weekly total in at least two years.

Iran normally ships 7-10 crude cargoes each week with export flows averaging 1.7 million b/d so far this year, up from 1.1 million b/d in 2022, according to the data.

The export slowdown from Iran comes after satellite images circulated on social media Oct. 3 appearing to show tankers leaving Kharg Island, Iran's top crude terminal which handles about 90% of its exports. Traders speculated that Iran was keen to move unladen tankers away from their anchorages at Kharg Island to avoid damage from a potential Israeli strike. Exports from Kharg Island may have now resumed, however, with a 657,000-barrel cargo of Iranian crude lifted there on Oct 4, the CAS data shows.

Fears of a major escalation in the conflict hitting regional oil supplies were sparked by US President Joe Biden on Oct. 3 when he said the US was discussing potential attacks on Iranian oil facilities with Israel. Iran's military head responded saying Tehran would hit back harder at Israel with a "stronger response," if attacked.