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Super Cruise Ship Sets Sail from Saudi Arabia

The MSC Bellissima departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt. (SPA)
The MSC Bellissima departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt. (SPA)
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Super Cruise Ship Sets Sail from Saudi Arabia

The MSC Bellissima departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt. (SPA)
The MSC Bellissima departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt. (SPA)

A super cruise ship has departed Saudi Arabia for the first time, setting sail for regional waters.

The MSC Bellissima, a vessel longer than three football fields, departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt.

The launch of the service on Friday comes two days after Saudi Arabia opened its first cruise ship terminal at the port in Jeddah, on the Kingdom’s west coast.

“The inauguration of the first cruise ship port represents an important step... to support the growth of the tourism sector in the Kingdom,” Cruise Saudi managing director Fawaz Farooqi said, quoted by Saudi Press Agency.

Developing the tourism and leisure sector is one of the foundations of Vision 2030 to prepare the Arab world’s largest economy for the post-oil era.

Constructed in France, the MSC Bellissima is 315 meters (345 yards) long and has a capacity of 4,500 passengers, making it one of the world’s largest cruise ships.

First launched in 2019 and operated by Swiss-based MSC Cruises, it will embark on 21 trips up until October 30.

The mammoth vessel has an array of amenities, including swimming pools, gyms, restaurants, cafes and ballrooms.

Cruise Saudi, owned by the Kingdom’s Public Investment Fund, also struck a deal in April with MSC Cruises to launch winter voyages between November 2021 and March 2022.

These cruises will start out from Jeddah and Dammam on the eastern Gulf coast of Saudi Arabia in the hope of attracting 170,000 guests.

The global cruise industry has taken a severe hit as a result of the coronavirus pandemic, which has so far resulted in the death of more than four million people worldwide.

Saudi Arabia is accelerating a nationwide Covid-19 vaccination drive as it moves to revive tourism and host sports and entertainment events.

On Thursday the Kingdom announced that it will open its doors to fully-inoculated visitors.

MSC Bellissima’s crew stayed in quarantine for 14 days before the trip on Friday, according to Saudi state television.

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Business

Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
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Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).

The Central Bank of Syria on Monday issued a decision allowing banks and local electronic payment companies to work with global electronic payment companies such as Visa and Mastercard, in a move seen as a step toward modernizing financial infrastructure and expanding digital inclusion.

Central Bank Governor Abdulkader Husrieh said in a statement the decision marks a strategic shift toward a more advanced digital economy and will help facilitate money transfers and payment transactions for Syrians both inside the country and abroad.

He added that the move opens the door to a new phase in the development of electronic payment systems and strengthens Syria’s integration into the global financial system after years of reliance on limited, traditional tools.

Husrieh said the decision enables banks and local electronic payment providers to broaden their services with more advanced and secure payment solutions for individuals and businesses.

Key benefits include allowing Syrians entering the country to use their international bank cards domestically, enabling wider use of Syrian-issued cards abroad, expanding the adoption of electronic payments, reducing reliance on cash, improving user experience, supporting e-commerce and startups, and enhancing the security and reliability of financial transactions.

The governor added that cooperation with global electronic payment companies will help transfer expertise and modern technologies to the local market, improving the efficiency and competitiveness of the financial sector.

The central bank said it continues to implement a package of reforms aimed at rebuilding financial institutions and strengthening monetary policy tools, alongside upgrading electronic payment systems and expanding the digitalization of banking services, in a bid to restore international financial connectivity and create a more efficient and transparent environment to support economic recovery.

Business

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
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Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations.

Spot gold was down 0.5% at $4,588.71 per ounce, as of 0655 GMT. US gold futures for June delivery fell 0.9% to $4,600.60.

Markets in China, Japan and the UK are closed for holidays.

Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank last Wednesday with interest rates on hold and rising concern about inflation, Reuters reported.

"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.

Federal Reserve officials, who dissented against the policy statement last week, said the oil price shock from the Iran war means the US Fed should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Increasing oil prices could encourage central banks to hold interest rates higher for longer, which would pressure non-yielding assets such as gold.

Oil prices eased but held above $100 a barrel, with the lack of clarity around a potential US-Iran peace deal remaining in focus.

President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran from Monday, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz.

Iranian state media reported that Washington conveyed its response to Iran's 14-point proposal via Pakistan, and that Tehran was now reviewing it.

"We see gold largely trading in a $4,400-$5,500 range by year-end. The upper end of that range would require a durable reduction in Middle East tensions and some easing of inflation pressures, while persistent high oil prices would keep the metal toward the lower half of the range," Waterer added.

Spot silver fell 0.6% to $74.91 per ounce, platinum held steady at $1,989, and palladium was down 0.4% at $1,519.78.

Business

Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
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Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)

Global exports of liquefied natural gas fell to the lowest in almost two years in April, as the war in the Middle East disrupted flows of the super-chilled fuel through the Strait of Hormuz, Bloomberg reported.

Shipments declined to about 33 million tons, the lowest level since May 2024, according to ship-tracking data compiled by Bloomberg.

The drop came after Qatar — the second-largest exporter last year — halted production following strikes on the world’s biggest plant by Iran in March, with the damage set to take years to repair.

Despite the ceasefire in the war with Iran, the Strait of Hormuz, through which about one-fifth of the world's oil and LNG supplies pass, remains closed. Since the start of the conflict, only one LNG tanker has transited the strait.

Nevertheless, lost volumes have been partially offset by new production elsewhere in the world. According to ship-tracking data compiled by Bloomberg, April shipments were down only 7 percent from the previous year, suggesting that increased output from suppliers, including the United States and Canada, has partially compensated for the reduced volumes from Qatar.

In the United States, the massive Golden Pass LNG terminal shipped its first cargo last month. Qatar also delivered some volumes to Kuwait, which can export them without transiting the Strait.