Saudi PIF-owned companies to develop, design luxury cruise terminal in Jeddah

Two Saudi PIF-owned companies signed an agreement to design and develop a luxury cruise terminal in Jeddah, the official Saudi Press Agency reported on Tuesday.

The MoU was signed between the Jeddah Central Project’s master developer Jeddah Central Development Company (JCDC), and Cruise Saudi, specialists in cruise ecosystem development, both fully PIF-owned companies.

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“The announcement reflects JCDC’s ambition to strengthen partnerships with leading national developers, and commitment to establishing Jeddah as one of the region’s superyacht and luxury cruise destinations,” SPA reported.

The CEO of JCDC Ahmed bin Abdulaziz al-Sulaim said: “Our plan is to develop a world-class marina that includes a luxury cruise destination, as a continuation of this rich maritime legacy. Our partnership with Cruise Saudi will help us accelerate our efforts as we work to diversify the Kingdom’s tourism and entertainment industries, which is a key PIF and Saudi Vision 2030 objective.”

The development reportedly seeks to foster the growth of the Kingdom’s marine tourism industry and transform the city’s coastline.

Lars Clasen, CEO of Cruise Saudi, was quoted by SPA as saying: “This memorandum supports the efforts of Cruise Saudi in expanding beyond the scope of cruise services. Together we will explore the myriad of opportunities the luxury cruise operations will create within the JCD project, to provide the finest marine experience.”

This development is in addition to other-in-progress beachside projects.

The Jeddah Central Project was launched in 2021 by Saudi Arabia’s Crown Prince Mohammed bin Salman, with total investments of nearly $20 billion (75 billion riyals), according to a SPA report.

“The ambitious 75 billion Saudi riyals project will develop 5.7 million square meters of land overlooking the Red Sea to be financed by the Public Investment Fund and from local and international investors,” SPA reported.

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