ALGIERS: Algeria said Saturday that the coronavirus crisis on top of falling oil prices have caused unprecedented damage to its economy, including over $1 billion in losses in the public sector alone.
“Algeria is facing an unprecedented difficult economic situation,” said Prime Minister Abdelaziz Djerad, quoted by the official APS news agency.
This was due to “the structural crisis inherited from the former government, the fall in hydrocarbon prices and finally, the health crisis” of the novel coronavirus.
The premier was speaking at a meeting at which Finance Minister Aymen Benabderahmane announced public company losses totalled more than $1 billion, affecting mainly the transport and energy sectors.
The government decided in early May to slash the state budget by half because of the global collapse in oil prices and coronavirus lockdowns.
The North African nation is heavily dependent on oil production, which generates over 90 percent of its export revenues.
The International Monetary Fund forecasts Algeria’s economy will shrink by 5.2 percent this year, and it will have among the highest budget deficits in the region.
President Abdelmadjid Tebboune has ruled out approaching the IMF for loans, saying, “accumulating debt harms national sovereignty.”
A commission tasked with assessing the impact of the pandemic on the national economy was set up Saturday, according to APS.
Algeria has reported several record daily tallies of COVID-19 cases in the past week, with 601 new infections confirmed Saturday.
The worst-affected country in North Africa, Algeria has officially reported a total of more than 22,500 cases of the COVID-19, including 1,068 deaths.
Algeria: Public companies lost over $1 bln due to coronavirus
https://arab.news/ru8v7
Algeria: Public companies lost over $1 bln due to coronavirus
- “Algeria is facing an unprecedented difficult economic situation,” said Prime Minister Abdelaziz Djerad
- The government decided in early May to slash the state budget by half because of the global collapse in oil prices and coronavirus lockdowns
Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah
JEDDAH: Saudi Arabia is accelerating its push to become a global cruise hub, with Cruise Saudi — a wholly owned Public Investment Fund subsidiary — expanding international partnerships to draw more travelers to the Kingdom’s Red Sea and Arabian Gulf ports.
The latest milestone came as award-winning Greek cruise line Celestyal completed its first-ever calls to Jeddah, signaling rising global interest in Saudi Arabia’s cultural and natural attractions.
The visits form part of Cruise Saudi’s strategy to build a year-round cruise ecosystem that supports tourism growth, boosts local supply chains, and contributes to the Kingdom’s broader economic diversification.
Three UNESCO World Heritage Sites — AlUla, Jeddah Historic District, and Al-Ahsa Oasis — are now accessible by sea, with curated shore excursions designed to deepen visitor engagement.
Cruise Saudi aims to welcome 1.3 million cruise passengers annually by 2035, creating 50,000 direct and indirect jobs and positioning the Kingdom as a premier international cruise destination.
The 1,360-passenger Celestyal Discovery arrived in Jeddah on Dec. 5, following the 1,260-passenger Celestyal Journey, which made its maiden call on Nov. 29. The Journey concluded a seven-night Athens–Jeddah itinerary with stops in Turkiye and Egypt, marked by a traditional plaque exchange ceremony attended by Cruise Saudi executives, port officials and Celestyal representatives.
Passengers were welcomed with traditional Saudi hospitality and toured Jeddah’s historic Al-Balad district, bustling souks, and cultural sites. Some Muslim travelers also visited Makkah to perform Umrah.
“We are honored to celebrate our maiden call in Jeddah alongside our partners at Cruise Saudi, marking the beginning of a long and effective relationship,” said Lee Haslett, chief commercial officer at Celestyal.
He added that Jeddah’s role as “the cultural heart of Saudi Arabia” presents strong potential for cruise tourism.
Barbara Buczek, chief destination experiences officer at Cruise Saudi, told Arab News: “This maiden Red Sea sailing highlights the strong appeal of the region and aligns with Cruise Saudi's commitment to developing seamless, high-quality cruise experiences in Saudi Arabia.”
She noted that Celestyal’s expanded itineraries reflect rising demand for distinctive Red Sea and Arabian Gulf voyages.
Since its launch in 2021, Cruise Saudi has activated five cruise ports, introduced Aroya Cruises, the Kingdom’s first homegrown cruise line, and established Aman at Sea, an ultra-luxury JV with Aman Group set to launch in 2027. The company manages the full value chain — from terminals and berths to curated excursions — and has already welcomed more than 600,000 passengers of over 120 nationalities.
Celestyal, which carries more than 140,000 passengers annually across two refurbished vessels, is aligning with the Kingdom’s Vision 2030 ambition to transform coastal tourism. After departing Jeddah, both Celestyal ships continued to Abu Dhabi to begin the company’s second Arabian Gulf season.
Aroya Cruises has also launched a new seasonal program featuring stops in Mykonos, Athens, Crete, and coastal cities in Turkiye, expanding on a successful inaugural season that attracted over 95,000 guests.
The growing activity underscores Saudi Arabia’s emergence as a world-class cruise destination, supported by modern infrastructure, expanding routes, and experiences that highlight the Kingdom’s culture, heritage and hospitality.
