MAWANI, Saudi Cruise Inaugurate 1st Cruise Ship Terminal at Jeddah Islamic Port

The MSC Bellissima cruise ship will depart Jeddah Islamic Port on July 30 for stops in Jordan and Egypt. (SPA)
The MSC Bellissima cruise ship will depart Jeddah Islamic Port on July 30 for stops in Jordan and Egypt. (SPA)
TT

MAWANI, Saudi Cruise Inaugurate 1st Cruise Ship Terminal at Jeddah Islamic Port

The MSC Bellissima cruise ship will depart Jeddah Islamic Port on July 30 for stops in Jordan and Egypt. (SPA)
The MSC Bellissima cruise ship will depart Jeddah Islamic Port on July 30 for stops in Jordan and Egypt. (SPA)

The Saudi Ports Authority (MAWANI) and the Cruise Saudi Company inaugurated on Wednesday the first cruise ship terminal at Jeddah Islamic Port, reported the Saudi Press Agency.

A number of partners from the government and private sectors were present at the event.

The inauguration comes only six months after the establishment of the Cruise Saudi Company, which was announced in January at the Future Investment Initiative in Riyadh. It also comes two days before the departure of the first cruise from Saudi Arabia to local and regional destination.

The MSC Bellissima cruise ship will depart Jeddah Islamic Port on July 30 for stops in Jordan and Egypt and end its journey on October 30.

‏President of Saudi Ports Authority, Omar bin Talal Hariri, said that choosing Jeddah Islamic Port to have the first cruise ship terminal in the Kingdom stems from its pivotal strategic location on the Red Sea and its proximity to the tourist sites and activities in Jeddah.

He added that MAWANI worked in cooperation with its partners to develop infrastructure, marine and logistical services at Jeddah Islamic Port, by inaugurating a passenger terminal for cruise ships accommodating more than 2500 passengers.

Executive Chairman of MSC Cruises, Pierfrancesco Vago stressed that the launch of the largest and most modern cruise ship on the Red Sea coast is a historic step that represents a new beginning for cruise tours in the Kingdom.

He expressed his pride in the partnership with Cruise Saudi and in working with all partners to provide tourist experiences that meet the highest international standards.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
TT

Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.