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)
Short Url
Updated 06 April 2023
Follow

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 index rises to close at 11,251 

Updated 12 February 2026
Follow

Closing Bell: Saudi main index rises to close at 11,251 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81. 

The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.    

The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.     

The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.   

Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55. 

Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56. 

Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55. 

On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year. 

The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.  

Multi Business Group Co. ended the session at SR9.90, down 1 percent. 

Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs. 

Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.