Cruise Saudi charts course for major expansion in Kingdom’s maritime industry

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Updated 31 October 2024
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Cruise Saudi charts course for major expansion in Kingdom’s maritime industry

Cruise Saudi charts course for major expansion in Kingdom’s maritime industry
  • Cruise Saudi currently oversees three ports that have collectively welcomed over 370,000 guests worldwide
  • Company aims to attract 1.3 million passengers annually by 2035

RIYADH: Public Investment Fund-owned Cruise Saudi is preparing for substantial growth in the Kingdom’s maritime tourism sector, announcing plans to launch a new cruise later this year.

Founded in 2021 to develop the necessary infrastructure and services for a comprehensive cruise market in Saudi Arabia, the company currently oversees three ports that have collectively welcomed over 370,000 guests from around the world.

In an interview with Arab News at the Future Investment Initiative in Riyadh, CEO Lars Clasen detailed the company’s strategy to advance the cruise industry within the Kingdom, revealing a clear roadmap for significant operational expansion by 2030.

“Ultimately, we plan to have 10 destinations available. We have four in development at this very moment. On top of the three we have operational right now, there are three further in the pipeline,” he said.

The company aims to attract 1.3 million passengers annually by 2035.

To support this growth, Cruise Saudi is developing additional ports, including a new island destination set to open soon. “We will very soon, also in December, open up an island which offers a wonderful beach and water sport activities exclusively to cruise guests,” Clasen announced.

He elaborated: “It’s an island, some 200 miles south of Jeddah in the Red Sea, and it’s exclusively developed for cruise guests. This will be our next destination, our fourth destination, which we will be offering.”

The upcoming cruise line, Aroya, will primarily target the Arabian market, focusing on guests from Saudi Arabia and neighboring Gulf Cooperation Council countries. “We have the tagline ‘Remarkably Arabian.’ Successful cruise lines target their product offerings and the guest experience to specific source markets.”

Aroya is designed to accommodate over 3,000 guests, positioning it as a premium mainstream option. In contrast, the ultra-luxury Aman at Sea will target a global audience.

Despite geopolitical challenges currently limiting cruise traffic to the Red Sea, Clasen remains optimistic about the industry’s recovery, stating: “Right now, cruise ships are not really visiting the Red Sea due to the geopolitical situation, but we hope that traffic will return very soon.”

Cruise Saudi is committed to developing essential infrastructure alongside its cruise offerings. Clasen emphasized the need for a comprehensive approach: “When I say cruise industry, it’s not just about (establishing) a cruise line; we are also developing ports, terminals, and shore excursions.”

He identified the cruise industry as a substantial global business opportunity, asserting: “The cruise industry is a fairly large industry worldwide.”

Clasen further highlighted the long-term nature of the cruise business, noting that the lifespan of a cruise vessel can extend up to 40 years. He revealed the significant investments necessary for launching a cruise line, estimating the cost of a new cruise ship at around $1 billion, or approximately SR4 billion.

In terms of job creation, Cruise Saudi has set ambitious targets, aiming to generate 50,000 direct and indirect jobs in the cruise sector by 2035.

He reiterated Cruise Saudi’s commitment to sustainability, stating that energy efficiency standards will guide the development of new terminals and vessels. “We put a lot of emphasis on sustainability. When developing a terminal, we do it according to the latest energy efficiency and sustainability standards and measures. When we order a cruise ship, we order a cruise ship with engine configuration that will help us get closer to net zero,” he added.

Looking ahead, Clasen expressed confidence in the company’s growth trajectory, hinting at future capital market opportunities. “We’re just getting started, and I won’t exclude that (tapping into the capital market). Definitely not. But it’s too early. First, we’d like to introduce our products to the market, gain some traction, and become commercially successful,” he concluded.


Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
Updated 24 sec ago
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Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
  • MSCI Tadawul 30 Index gained 0.27% to finish at 1,408.88
  • Parallel market Nomu slipped 0.30% to close at 27,080.02

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17.

The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. 

The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. 

The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks, 38 gained while 44 fell. 

The best-performing stock on the main market was SHL Finance Co., whose shares jumped 10 percent to SR23.87. 

Other notable gainers included Salama Cooperative Insurance Co., up 5.58 percent to SR13.62, Miahona Co. Limited, which gained 5.23 percent to SR26.94, Alamar Foods Co., rising 5.17 percent to SR53.95, and Fawaz Abdulaziz Alhokair Co., which climbed 4.92 percent to SR31.16. 

On the downside, Sahara International Petrochemical Co. posted the steepest drop of the day, falling 5.69 percent to SR17.90.  

Saudi Azm for Communication and Information Technology Co. declined 5.42 percent to SR 28.60, Alistithmar AREIC Diversified REIT Fund slipped 4.92 percent to SR 8.70, Wafrah for Industry and Development Co. fell 4.63 percent to SR27.20, and Riyadh Cables Group Co. dropped 4.13 percent to SR130. 

On the announcement front, Sports Clubs Co. is set to make its trading debut on Saudi Arabia’s main market on July 22. 

The listing follows an initial public offering in which Sports Clubs floated 34.32 million shares, representing 33 percent of its issued capital, at a nominal value of SR1 each.  

Demand saw the individual tranche oversubscribed by 5.3 times, with investors guaranteed a minimum allotment of ten shares. 

To help stabilize the share price in early trading, the bourse has set a plus or minus 30 percent daily price limit and a 10 percent static limit. 

Founded in 1994, Sports Clubs operates a network of 56 branches across 18 Saudi cities.  

Its portfolio includes 41 Body Masters men’s gyms, a brand established decades ago, and 15 Body Motions women’s clubs, introduced four years ago as part of the company’s gender-segmented expansion strategy. 


Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1
Updated 21 July 2025
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Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1

RIYADH: The number of hybrid vehicles imported into Jordan during the first half of 2025 rose by 31 percent year on year, reaching 6,834 units, new figures showed.

Released by the Jordan Free Zones Investors Commission, the numbers indicated that despite the increase, total vehicle clearance from the Zarqa Free Zone to the local market dropped by 9 percent annually during the same period, the Jordan News Agency, also known as Petra, reported.

The rise in imports of these vehicles aligns with a broader regional trend. An analysis published by market research firm Claight in December projects the hybrid vehicle industry across the Middle East and Africa to see a compound annual growth rate of 17.7 percent between 2025 and 2034.

The newly released Petra statement said: “The commission’s representative for the automotive sector, Jihad Abu Nasser, attributed the drop to shifts in consumer demand and the impact of recent regulatory and tax measures, particularly those affecting electric vehicles. He noted that several vehicle categories saw a downturn, including electric and diesel models.”

Gasoline car imports stayed fairly steady, with a slight 3 percent jump year on year during the first half of the year. The number of cleared gasoline cars increased from 2,683 to 2,753, representing a 70 vehicle increase.

Re-export activity from the free zones saw significant growth, with vehicle exports rising by 67 percent annually to reach 39,641 re-exported vehicles in the first half of the year.

The Petra statement added that Abu Nasser said the robust re-export growth underscores the responsiveness of Jordan’s free zones to regional market demands, particularly from Syria and Iraq. 

“He emphasized that the decline in local market clearances, combined with changes in consumer preferences and new policies, highlights the need for regulatory clarity and a stable investment environment. He added that the commission continues to monitor these developments closely due to their significant impact on the vehicle sector and investment activity in the free zones.”

Across the Middle East, interest in environmentally friendly alternatives to traditional combustion engine vehicles is gradually rising, as automakers accelerate the rollout of new EV models each year.

Saudi Arabia aims to have at least 30 percent of its cars be electric-powered by 2030, following its pledge to reach net-zero carbon emissions by 2060.

Meanwhile, the UAE is pushing for 42,000 EVs to be on its streets within the next decade. To meet the rising demand for green mobility, the UAE opened its first EV manufacturing facility in Dubai Industrial City in 2022, at a total cost of $408 million.

The Gulf Cooperation Council’s EV market is highly competitive, with Tesla at the forefront and brands like BMW, Audi, and Mercedes-Benz close behind.


Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 
Updated 21 July 2025
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Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 

RIYADH: Saudi Arabia’s crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. 

The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. 

This marks a continuation of the Kingdom’s phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. 

The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August.   

The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. 

The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc’s formal policy, with Saudi Arabia playing a leading role. 

This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. 

Saudi Arabia’s refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. 

This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. 

Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. 

Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. 

Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. 

This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.


Saudi sustainable building demand triples

Saudi sustainable building demand triples
Updated 21 July 2025
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Saudi sustainable building demand triples

Saudi sustainable building demand triples
  • Growth reflects enhancements to ready-built property inspection service
  • 38 new projects have registered for sustainability assessment services

JEDDAH: Demand for environmental performance assessments under Saudi Arabia’s Sustainable Building program has tripled over the past five years, highlighting the Kingdom’s growing focus on eco-friendly development.

The growth follows the launch of the program’s digital platform, the automation of service procedures, and improved accessibility. It also reflects enhancements to the ready-built property inspection service, which now allows developers to submit detailed inspection requests for villa compounds and apartment buildings, according to a Saudi Press Agency report citing an official press release.

As part of the Kingdom’s Vision 2030 strategy, the nation is accelerating efforts to make its rapidly growing construction sector more sustainable and environmentally responsible.

Developed by the Ministry of Municipal, Rural Affairs, and Housing, the Mostadam, meaning “sustainable,” program is designed to suit the Kingdom’s local climate and environmental conditions. It promotes sustainable building practices by improving the efficiency of energy, water, and resource use, while supporting economic growth and job creation.

Projects are awarded one of five ratings, ranging from Green to Diamond, based on their compliance with established sustainability criteria.

“The program noted that six projects received sustainability assessment certificates during the first half of 2025, marking a 200 percent increase compared to the same period in 2024. Moreover, the number of projects granted design conformity certificates rose by 93 percent, reaching 29 projects,” SPA reported.

The release-based report said that 38 new projects, including four communities covering over 8 million sq. meters, have registered for sustainability assessment services, with a combined built-up area exceeding 700,000 sq. meters.

Since its inception in 2018, the platform has issued over 6,000 reports, encompassing property inspections and evaluations of construction quality.

The national program, in cooperation with the Real Estate General Authority, also announced that university students registered with the Saudi Council of Engineers are now eligible to enroll in training programs offered by the Saudi Real Estate Institute, SPA added.

The release said that the initiative aims to support students, enhance their professional readiness, and empower youth by enabling them to develop their skills and create a “Certified Engineer” account through the Mostadam platform.

The Sustainability Assessment is the Kingdom’s first evaluation system aligned with international best practices and the Saudi Building Code. It enables owners and developers to measure the sustainability of new and existing buildings through a comprehensive rating system, from design to maintenance.

The assessment standards were specifically developed to suit the nation’s climate and environmental conditions, focusing on key areas such as energy, water, health, and quality of life, consistent with the goals of Saudi Vision 2030.


Saudi Arabia’s ACWA Power signs multiple deals to supply clean energy to Europe

Saudi Arabia’s ACWA Power signs multiple deals to supply clean energy to Europe
Updated 21 July 2025
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Saudi Arabia’s ACWA Power signs multiple deals to supply clean energy to Europe

Saudi Arabia’s ACWA Power signs multiple deals to supply clean energy to Europe

RIYADH: Saudi utility giant ACWA Power has signed multiple agreements to export renewable electricity and green hydrogen to Europe, marking a major step in the Kingdom’s efforts to become a global clean energy hub. 

The deals, signed during an international workshop in Riyadh under the supervision of the Ministry of Energy, aim to build integrated systems for cross-border energy exports. 

The event, titled “Exporting Renewable Energy and Green Hydrogen,” underscores Saudi Arabia’s strategic push to lead the India-Middle East-Europe Economic Corridor by leveraging its geographic position between East and West, the Saudi Press Agency reported. 

The agreements support the Kingdom’s target to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, with plans to produce 1.2 million tons annually by the end of the decade. 

The SPA report stated: “The agreements and memoranda of understanding signed by ACWA Power at the workshop included a multilateral memorandum of understanding with leading European companies, including Italy’s Edison, France’s TotalEnergies, the Netherlands’ ZeroEurope, and Germany’s ENPW, to export electricity generated from renewable energy sources from the Kingdom to Europe, while assessing commercial potential and European market trends toward sustainable energy solutions.” 

ACWA Power also signed memoranduma of understanding with global leaders in electrical interconnection and high-voltage DC transmission technologies, including Italy’s CESI as an independent technical adviser, as well as Prysmian, GE Vernova, Siemens Energy, and Hitachi. The partnerships aim to develop advanced cross-border transmission corridors to enhance supply reliability and infrastructure efficiency.  

In collaboration with Germany’s EnBW, ACWA Power also launched the first phase of the Yanbu Green Hydrogen Hub, an integrated project designed to help meet global demand for low-emission energy. The facility is expected to begin commercial operations in 2030. 

The project will feature renewable electricity generation, water desalination, electrolysis units, hydrogen-to-ammonia conversion, and a dedicated export terminal. It is intended to support Saudi Arabia’s ability to produce clean energy at competitive costs while meeting rising global industrial demand for sustainable energy solutions. 

The workshop and accompanying agreements highlight the Kingdom’s competitive advantages and reinforce its leadership in global energy transition efforts. The Ministry of Energy said the initiative supports Saudi Arabia’s commitment to energy security, regional integration, and its Vision 2030 goals. 

With a net-zero emissions target by 2060, Saudi Arabia is investing heavily in both green and blue hydrogen. ACWA Power and Saudi Aramco are spearheading several major projects, including a hydrogen venture in NEOM, to solidify the Kingdom’s role in the future hydrogen economy.