Skip to content Skip to Search
Skip navigation

Cruise Saudi sets sail for $200m tourism windfall

  • Kingdom wants to position Jeddah as global cruise port destination
  • Cruise firm aims for 1.3m passengers by 2035
  • Cruise tourism industry worth $150bn

Cruise Saudi estimates it will contribute $200 million in revenues to the kingdom by 2035, as the Public Investment Fund-owned company develops ports for cruise passengers.

In a video interview with AGBI its chief asset development and port operations officer Miguel Reyna said: “On average, when a ship comes to the port, 35 percent of the guests go on tours. Our hope is that 70-80 percent of the passengers will go.”

Launched in 2021, Cruise Saudi’s business model revolves around positioning Jeddah as a global cruise port destination.

Three Saudi ports are capable of handling cruise liners – Yanbu Commercial Port, Jeddah Islamic Port and King Abdulaziz Port Dammam – and these have helped develop the kingdom’s cruising sector over the last two years.

With Cruise Saudi aiming to attract 1.3 million passengers by 2035, the kingdom joins its GCC neighbours in targeting the $150 billion cruise tourism industry.

Watch the full video to learn more about the company’s ambitious plans to develop the kingdom’s port city.

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]


Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to credit rating agency S&P. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions standard 62 guidelines as they have been presented could disrupt the market,” it said in a new report. The […]