عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Oil Prices Drop as Prospect of Additional Supply Offset Mideast Fears

Oil Prices Drop as Prospect of Additional Supply Offset Mideast Fears
TT
TT

Oil Prices Drop as Prospect of Additional Supply Offset Mideast Fears

Oil Prices Drop as Prospect of Additional Supply Offset Mideast Fears

Oil prices slid by more than 2% on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East and its impact on crude exports from the region.

Brent crude futures were down $1.49, or 2.08%, at $70.21 a barrel by 0840 GMT. US West Texas Intermediate crude futures lost $1.55, or 2.27%, to $66.62, Reuters reported.

A panel of top ministers from the OPEC+ producer group meets on Oct. 2 to review the market, with no policy changes expected. OPEC+, comprising the Organizations of the Petroleum Exporting Countries (OPEC) plus allies including Russia, is scheduled to raise output by 180,000 barrels per day (bpd) in December.

The possibility of Libyan oil output recovering also weighed on the market. Libya's eastern-based parliament agreed on Monday to approve the nomination of a new central bank governor, which could help to end a crisis that drastically reduced the country's oil output.

"The idea of returning Libyan crude and the forthcoming trimming of voluntary cuts by OPEC+ in December serves as interference for those contemplating reduced oil stocks in the US and improving cracks," said John Evans, analyst at oil broker PVM.

In China, manufacturing activity shrank sharply in September, a private sector survey showed on Monday.

Analysts say a slew of stimulus measures over the past week are likely to be enough to bring China's 2024 growth back to about 5% after several months of below-forecast data cast doubts over that target, though the longer-term outlook remains little changed.

Israel began ground incursions in Lebanon on Tuesday, with its military saying troops had begun raids against Hezbollah targets in the border area.

"Worries that Iran will be drawn into action against Israel have helped support prices, but current rhetoric from Iran suggests they are not keen on an escalation beyond their proxies in Yemen, Lebanon and Palestine," said Panmure Gordon analyst Ashley Kelty.

In the United States, crude oil and fuel stockpiles were expected to have fallen by about 2.1 million barrels in the week to Sept. 27, a preliminary Reuters poll showed on Monday.
The poll was conducted ahead of a report from the American Petroleum Institute industry group due at 2030 GMT on Tuesday.