The Public Investment Fund (PIF) launched on Thursday “Cruise Saudi” company to establish and develop the cruise industry in the Kingdom.
The company, headquartered in Jeddah on the Red Sea coast, seeks to enhance Saudi Arabia’s efforts to become a tourist destination on the international cruise map and develop the tourism sector in line with the Kingdom's Vision 2030.
The company is 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 Saudi Press Agency (SPA) reported.
Thursday’s launch comes as part of the Public Investment Fund Strategy 2021-2025, which focuses on unleashing the capabilities of the promising non-oil sectors to enhance the Kingdom's efforts in diversifying the economy away from crude revenues.
The Fund and its subsidiaries aim to contribute SAR 1.2 trillion to non-oil GDP cumulatively by the end of 2025 by activating growth opportunities for strategic and vital sectors in the Kingdom, SPA said.
PIF 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, SPA added.
