Saudi Cabinet approves MoU with Turkiye in the field of central banking

Crown Prince Mohammed bin Salman chaired the Cabinet on Feb. 11. SPA
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Updated 12 February 2025
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Saudi Cabinet approves MoU with Turkiye in the field of central banking

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with Turkiye designed to strengthen cooperation in central banking between key financial institutions in the countries.

Crown Prince Mohammed bin Salman chaired the Cabinet on Feb. 11, during which the Kingdom’s economy and the progress of various government-led initiatives were discussed, the Saudi Press Agency reported. 

The approval of the MoU between the central banks of Saudi Arabia and Turkiye highlights the progress of economic and trade ties between the two nations.

In December, Saudi Arabia’s Cabinet approved the signing of an MoU between the Kingdom and Turkiye to boost cooperation in the field of energy. 

Turkiye is a key destination for Saudi Arabia’s non-oil goods, with the Kingdom sending outbound shipments worth SR960.4 million ($256.09 million) to the West Asian nation in November. 

Hakan Fidan, foreign minister of Turkiye, visited the Kingdom in January, where he met his Saudi counterpart, Faisal bin Farhan, and discussed ways to develop ties in various sectors to increase trade volume.

An MoU was also approved by the Cabinet to enhance cooperation in the financial sector between the Saudi Ministry of Finance and the Qatari Ministry of Finance.

It also gave the green light to an MoU between the Saudi General Authority for Foreign Trade and Maldives’ Ministry of Economic Development and Trade to strengthen commercial ties. 

An additional MoU approved by the body was between the Saudi Ministry of Economy and Planning and the Omani Ministry of Economy to enhance cooperation between both sides. 

The Cabinet also praised the continuing economic diversification efforts in the Kingdom, particularly the launch of the King Salman Automobile Manufacturing Complex. 

The initiative is expected to boost the economic contribution of the non-oil sector to the Kingdom’s gross domestic product and support the National Industry and Logistics Development Program.

The body also commended the completion of the Financial Sustainability Program’s executive plan, which seeks to enhance Saudi Arabia’s spending efficiency, develop effective revenue streams, and bolster the Kingdom’s economic resilience under Vision 2030.


Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah

Updated 10 December 2025
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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.