Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

Abu Dhabi Securities Exchange. File
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Updated 18 July 2025
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Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions’ gains.

Abu Dhabi’s benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent.

Dubai’s main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.

Losses were driven by a decline in financial sector stocks as Dubai’s top lender Emirates NBD Bank dropped 2.4 percent after three consecutive session gains, while Commercial Bank of Dubai slumped 3.6 percent.

However, budget airline Air Arabia rose by 0.8 percent, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40 percent in 2025.

The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week’s corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, head of market research MENA at XS.com.

Dubai’s index went up 4.1 percent and Abu Dhabi’s rose 2 percent in their fourth week of gains, according to LSEG data.

Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Negm. 


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.