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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 Unemployment Rate Approaches 2030 Target

An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
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Saudi Unemployment Rate Approaches 2030 Target

An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)

The unemployment rate among Saudis has reached a historic low of 7.1% in the second quarter of this year, close to the Saudi Vision 2030 target of 7%. This decline highlights the success of government initiatives aimed at making the job market more appealing to local job seekers.

According to data from the General Authority for Statistics (GASTAT) on Monday, the unemployment rate dropped by 0.5 percentage points from 7.6% in the first quarter of this year and fell by about 1.4 percentage points compared to the same quarter in 2023.

Efforts by the Ministry of Human Resources and Social Development to support women have resulted in a significant drop in the unemployment rate among Saudi women.

Moreover, in the second quarter of this year, the Human Resources Development Fund allocated over SAR 1.65 billion to boost employment and encourage Saudis to join the local workforce.

GASTAT said Saudi Arabia’s overall unemployment rate, including citizens and non-citizens, fell to 3.3% in the second quarter of 2024, down from 3.5% in the first quarter.

The decline improves the Kingdom’s ranking to fifth among G20 countries with the lowest unemployment rates, as noted by the International Labor Organization in April.

There are now over 2.3 million Saudi workers in the private sector, contributing to a total of more than 11.4 million private sector workers in the Kingdom, the highest number recorded.

Saudi Arabia’s Vision 2030 plan, which aims to diversify the economy and reduce its reliance on oil, has included several reforms to stimulate job creation.