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PIF Launches Company to Develop Saudi Cruise Industry

“Cruise Saudi” is working in partnership with the relevant authorities on developing tourist destinations. PIF
“Cruise Saudi” is working in partnership with the relevant authorities on developing tourist destinations. PIF
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PIF Launches Company to Develop Saudi Cruise Industry

“Cruise Saudi” is working in partnership with the relevant authorities on developing tourist destinations. PIF
“Cruise Saudi” is working in partnership with the relevant authorities on developing tourist destinations. PIF

The Public Investment Fund (PIF) launched on Thursday “Cruise Saudi” company to establish and develop the cruise industry in the Kingdom.

The company, headquartered in Jeddah on the Red Sea coast, seeks to enhance Saudi Arabia’s efforts to become a tourist destination on the international cruise map and develop the tourism sector in line with the Kingdom's Vision 2030.

The company is working in partnership with the relevant authorities on developing tourist destinations, with the aim of introducing cruise itineraries, providing an exceptional experience for guests, and creating opportunities to explore Saudi heritage and culture while ensuring the preservation of the environment and the protection of natural resources, the Saudi Press Agency (SPA) reported.

Thursday’s launch comes as part of the Public Investment Fund Strategy 2021-2025, which focuses on unleashing the capabilities of the promising non-oil sectors to enhance the Kingdom's efforts in diversifying the economy away from crude revenues.

The Fund and its subsidiaries aim to contribute SAR 1.2 trillion to non-oil GDP cumulatively by the end of 2025 by activating growth opportunities for strategic and vital sectors in the Kingdom, SPA said.

PIF aims to benefit from the tourist attractions, as well as the Saudi historical and cultural heritage including UNESCO sites and the Kingdom’s distinctive natural destinations such as the mountain and marine environments. Investing in tourism projects forms part of its strategy to develop promising sectors and achieve high returns in the medium and long-terms, SPA added.

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Saudi Arabia Aims for Global Carbon Market Share Equal to Regional Emissions

Riham ElGizy, CEO of Voluntary Carbon Market.
Riham ElGizy, CEO of Voluntary Carbon Market.
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Saudi Arabia Aims for Global Carbon Market Share Equal to Regional Emissions

Riham ElGizy, CEO of Voluntary Carbon Market.
Riham ElGizy, CEO of Voluntary Carbon Market.

Riham ElGizy, CEO of Voluntary Carbon Market (VCM), a Saudi company which is the first of its kind in the MENA region, said the company currently holds about 1.3% of the global carbon trading market.

In exclusive remarks to Asharq Al-Awsat during the Portfolio Egypt 2024 conference in Cairo on Monday, ElGizy predicted that by 2030, the company’s carbon trading volume could reach 100 million tons, making it one of the largest carbon markets worldwide.

“We aim to achieve a market share that matches the region’s carbon emissions,” she said.

Since 2013, global carbon emissions have exceeded 35 billion tons each year, with growth slowing in recent years. In 2021, Arab countries emitted over 2 billion tons of carbon dioxide, representing 5.45% of global emissions, according to European Union statistics.

The VCM enables companies, governments, and individuals to buy and sell credits that represent reductions in carbon dioxide emissions.

These credits can offset emissions that cannot be reduced through other methods, such as improving energy efficiency or using renewable energy sources. This market is increasingly viewed as an effective way to address climate change.

ElGizy announced that the company has increased the region’s carbon trading share from zero to 1.3% of the global market. This growth is attributed to two recent auctions held by the company.

Last year, around 200 million tons of carbon emissions were removed globally, equivalent to emissions from a country like Spain. ElGizy projected that the market’s trade value could reach $100 billion by 2030 and $250 billion by 2050.

According to the World Bank, carbon pricing revenues reached a record $104 billion in 2023.

In October 2022, the VCM held its first auction, selling about 1.4 million metric tons of carbon credits. The second auction in June 2023 sold around 2.2 million tons.

ElGizy announced plans for a third auction in November, expected to feature 2.5 to 3 million metric tons of carbon credits, coinciding with the launch of a new carbon trading platform at COP29 in Baku, Azerbaijan.

She emphasized that several Saudi and regional companies would participate in this auction, noting its significant size and impact. For perspective, she explained that the first auction's 1.4 million tons represented emissions from 250,000 family cars each year.

Looking ahead, ElGizy expects the company’s carbon trading volume to reach 100 million tons by 2030, positioning it among the largest carbon markets globally. She also highlighted the need for trade to shift from the Global North to the Global South and expressed a goal for Saudi Arabia to lead in regional carbon markets.