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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 Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Chambers Federation is making rapid efforts to ensure that all local companies and institutions can benefit from this international customs system after Saudi Arabia issued its first ATA Carnet (Temporary Admission Document) last week.

The ATA Carnet is an international customs document issued by an authorized chamber of commerce. It simplifies customs procedures for the temporary admission of various types of goods into countries that are part of the international ATA Carnet guarantee chain, without restrictions, duties, or taxes.

According to information available to Asharq Al-Awsat, the Saudi Chambers Federation has informed all companies and institutions that the federation’s ATA Carnet unit will now be accepting service requests from interested parties.

This step follows the federation's acceptance as an issuing and guaranteeing body for the ATA Carnet, granting carnet holders exemption from customs duties and taxes in member countries’ customs checkpoints.

On Thursday, the Saudi Chambers Federation announced the issuance of the first ATA Carnet since the system was officially implemented. Saudi Arabia has now become the 80th country globally to adopt this international customs system.

In June, the Saudi Zakat, Tax, and Customs Authority announced that it would start accepting ATA Carnets across all its land, sea, and air customs points. The move is part of the Kingdom’s commitment to the Istanbul Convention, which supports the business sector and bolsters Saudi Arabia’s position as a global destination for events, exhibitions, and activities.

The authority added that accepting the ATA Carnet is a positive step toward enabling the growth of the international events, exhibitions, and conferences sector. It also supports efforts to attract global exhibitions and conferences while adhering to international best practices and boosting the country’s status as a global destination for economic, tourism, and entertainment events.

The goods eligible for temporary import under the ATA Carnet include items intended for display or use at exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial processes. It also applies to goods imported for educational, scientific, or cultural purposes.