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)
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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.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.