RIYADH: The Public Investment Fund PIF launched Thursday Cruise Saudi Company, which aims to establish and develop the cruise industry in Saudi Arabia, enhance the Kingdom's efforts to become a tourist destination on the international cruise map, and develop the tourism sector in line with Saudi Vision 2030.
Headquartered in Jeddah on the Red Sea coast, Cruise Saudi will form a strategic bridge between sea and land operations, through developing cruise ports and terminals in several Saudi cities, to deliver an integrated experience in line with the goals of the tourism sector in the Kingdom.
Cruise Saudi is also working in partnership with the relevant authorities on developing tourist destinations, with the aim of introducing cruise itineraries, providing an exceptional experience for guests, and creating opportunities to explore Saudi heritage and culture while ensuring the preservation of the environment and the protection of natural resources.
The company’s launch comes as part of the PIF strategy 2021-2025, which focuses on unleashing the capabilities of the promising non-oil sectors to enhance the Kingdom's efforts in diversifying revenue sources away from oil. The Fund and its subsidiaries aim to contribute SR1.2 trillion to non-oil GDP cumulatively by the end of 2025 by activating growth opportunities for strategic and vital sectors in the Kingdom.
The Kingdom’s sovereign wealth fund aims to benefit from the tourist attractions, as well as the Saudi historical and cultural heritage including UNESCO sites and the Kingdom’s distinctive natural destinations such as the mountain and marine environments. Investing in tourism projects forms part of its strategy to develop promising sectors and achieve high returns in the medium and long-terms.