Cruise Saudi hold top-level talks with international association on sector expansion

Saudi Arabia's flagship cruise company held high-level talks with a leading industry organization at the recent Seatrade Cruise Global 2023 event. (Supplied/Cruise Saudi)
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Updated 06 April 2023
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Cruise Saudi hold top-level talks with international association on sector expansion

RIYADH: Saudi Arabia's flagship cruise company held high-level talks with a leading industry organization at the recent Seatrade Cruise Global 2023 event, as the Kingdom aims to expand its presence and footprint on the cruise industry map. 

Cruise Lines International Association, the world’s largest cruise trade organization, is a major authority in the global cruise community and a crucial partner for Cruise Saudi throughout its significant expansion phase. 

The Public Investment Fund-owned Cruise Saudi is a CLIA Diamond Executive Member, providing access to senior cruise line decision-makers and industry peers through a three-tiered executive partner program. 

“We met with our executive partner CLIA to discuss how to further enhance our partnership to strengthen Saudi’s presence on the cruise industry map. We know the CLIA community is built on prestigious cruise lines, ports, and destinations, so we look forward to strengthening our relationship and continuing to explore potential collaborations,” said Mashhoor Baeshen, chief asset management and operations officer. 

Baeshen added that the discussions were “productive” and stated they are part of Cruise Saudi’s strategic aim to position Saudi as one of the world’s top cruising destinations. 

Furthermore, Cruise Saudi recently collaborated with high-end hotel brand Aman to develop a new 183-meter ultra-luxury yacht aimed at passengers with high net worth. The vessel will have 27 suites and many different amenities. By 2027, Aman at Sea is projected to be ready for cruising. 

Fawaz Farooqui, managing director of Cruise Saudi, unveiled the yacht during the Seatrade Cruise Global event in Fort Lauderdale, Florida. He was asked about what makes Saudi Arabia a premium destination and Farooqui said Saudi’s “warm hospitality, authenticity, culture, and nature.”  

In May 2022, Farooqui said during the Arabia Travel Market event held at Dubai World Trade Centre, that “around 50 percent of passengers who went on cruises were aged 35 or younger, which all depends on the market.” 

The managing director also added that by 2030, Cruise Saudi aims to have around 1.3 million passengers


Closing Bell: Saudi main market edges up to 10,745 points 

Updated 12 January 2026
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Closing Bell: Saudi main market edges up to 10,745 points 

RIYADH: Saudi equities closed higher on Monday, with the Tadawul All Share Index finishing up 135.69 points, or 1.28 percent, at 10,745.45. 

The MSCI Tadawul 30 Index also advanced, rising 22.21 points, or 1.57 percent, to close at 1,436.31, while the Nomu Parallel Market Index slipped 31.80 points, or 0.13 percent, to 23,586.94. 

Market breadth was positive on the main market, with 216 gainers against 42 decliners, while Nomu saw 42 stocks advancing and 36 declining. 

Trading activity picked up, with 261.7 million shares changing hands, while total turnover reached SR5.10 billion ($1.3 billion). 

Among the top performers, Saudi Fisheries Co. led the gains, closing at SR63.90, up SR5.80, or 9.98 percent. Naseej International Trading Co. rose to SR34.94, gaining SR3.16, or 9.94 percent, while Dar Al Arkan Real Estate Development Co. ended at SR16.74, up SR1.16, or 7.45 percent. 

Zahrat Al Waha for Trading Co. added 6.84 percent to close at SR2.50, and Alamar Foods Co. climbed 5.75 percent to SR42.70.  

On the losing side, Al Masar Al Shamil Education Co. fell 4.36 percent to SR23.90, while Saudi Paper Manufacturing Co. declined 2.82 percent to SR62.05.  

United International Holding Co. slipped 2.36 percent to SR153.40, Saudi Aramco Base Oil Co. dropped 2.09 percent to SR98.60, and United Electronics Co. eased 1.90 percent to SR85.00.  

On the announcement front, Mouwasat Medical Services Co. announced that its board has approved the establishment of a new hospital in Riyadh’s Al-Narjis District, with a planned capacity of 280 beds and a total investment cost of SR900 million.  

The project will be financed through a mix of self-funding and long-term Shariah-compliant bank facilities, with further details on timelines and financial impact to be disclosed at a later stage.  

Shares of Mouwasat Medical Services Co. closed at SR67.95, gaining SR1.40, or 2.10 percent. 

Saudi Arabian Mining Co. reported a net addition of 7.8 million ounces of new gold resources following extensive exploration and drilling activities across multiple sites, alongside the identification of new mineralization opportunities in gold and base metals. 

The company noted that the financial impact of these discoveries has yet to be determined and will be assessed in due course.  

Shares of Saudi Arabian Mining Co. closed at SR67.50, up SR3.05, or 4.73 percent.