Cruise Saudi: Company Profile

Background

Overview

Cruise Saudi, established in 2021, is a 100% Public Investment Fund (PIF)-owned entity headquartered in Jeddah, Saudi Arabia. The company is dedicated to developing the infrastructure and services necessary to establish a comprehensive cruise ecosystem along the Saudi coastline. Its mission is to position Saudi Arabia as a premier global cruise destination, showcasing the nation's rich cultural heritage and natural wonders.

Mission and Vision

• Mission: To support the diversification of the Saudi economy and the growth of the tourism sector by becoming the bridge between land and sea, showcasing Saudi culture, heritage, and natural wonders through partnerships with global cruise operators while providing best-in-class services, with a focus on innovation and sustainability.

• Vision: To become a world-class cruise port and cruise line operator, driving the development of destination experiences to build a thriving cruise sector in Saudi Arabia.

Industry Significance

As part of Saudi Arabia's Vision 2030, Cruise Saudi plays a pivotal role in diversifying the nation's economy by developing the cruise industry. The company aims to attract international cruise lines and passengers, contributing to the growth of the tourism sector and enhancing Saudi Arabia's global presence.

Key Strategic Focus

Core Objectives

• Infrastructure Development: Establish and operate cruise ports and terminals in key Saudi cities to facilitate seamless cruise operations.

• Service Expansion: Develop and manage cruise services, including marketing, shore excursion coordination, and vessel operations.

• Destination Promotion: Showcase Saudi Arabia's cultural heritage and natural attractions to international cruise passengers.

Areas of Specialization

• Port Development: Enhancing facilities at Jeddah Islamic Port, Yanbu Commercial Port, and King Abdulaziz Port in Dammam to accommodate large cruise ships.

• Cruise Line Operations: Launching and managing cruise lines tailored to regional preferences, such as AROYA Cruises.

Key Technologies Utilized

• Sustainable Practices: Implementing eco-friendly technologies in port operations and vessel management to minimize environmental impact.

• Digital Platforms: Utilizing advanced digital tools for marketing, booking systems, and customer engagement.

Primary Markets Targeted

• International Cruise Lines: Attracting global cruise operators to include Saudi Arabia in their itineraries.

• Regional Tourists: Catering to Saudi and GCC nationals and residents through tailored cruise experiences.

Financials and Funding

Funding History

As a wholly owned subsidiary of the Public Investment Fund (PIF), Cruise Saudi's funding is integrated into PIF's broader investment strategy, focusing on diversifying the Saudi economy and developing non-oil sectors.

Total Funds Raised

Specific details regarding the total funds raised by Cruise Saudi are not publicly disclosed.

Recent Funding Rounds

Information on recent funding rounds is not publicly available.

Notable Investors

The primary investor is the Public Investment Fund (PIF) of Saudi Arabia.

Intended Utilization of Capital

• Infrastructure Development: Building and upgrading cruise ports and terminals.

• Service Expansion: Developing cruise lines and related services.

• Marketing and Promotion: Attracting international cruise lines and passengers to Saudi Arabia.

Pipeline Development

Key Pipeline Candidates

• AROYA Cruises: Launched in June 2023, AROYA Cruises is designed to offer tailored experiences for Saudi and GCC nationals and residents, providing an authentic immersion into Arab culture.

Stages of Development

• Infrastructure: Ongoing development of cruise ports and terminals in Jeddah, Yanbu, and Dammam.

• Service Operations: Management and expansion of cruise services, including the operation of AROYA Cruises.

Target Conditions

• Cultural Heritage Sites: Providing access to Saudi Arabia's rich cultural and natural attractions.

• Tourism Growth: Contributing to the growth of the tourism sector in line with Vision 2030.

Anticipated Milestones

• 2024: Inaugural voyages of AROYA Cruises.

• 2025: Expansion of cruise itineraries and services.

Technological Platform and Innovation

Proprietary Technologies

• Sustainable Port Operations: Implementing eco-friendly technologies in port facilities.

• Digital Booking Systems: Developing user-friendly platforms for cruise reservations and customer engagement.

Significant Scientific Methods

• Environmental Impact Assessments: Conducting studies to ensure sustainable development practices.

• Market Research: Utilizing data analytics to understand customer preferences and optimize services.

Leadership Team

Key Executives

• Lars Clasen: Chief Executive Officer. Mr. Clasen has been recognized in Forbes Middle East’s “Top 100 Travel & Tourism Leaders 2025” list for his role in shaping Saudi Arabia’s global cruise tourism ambitions.

• Ghassan Khan: Chief Strategy Officer. Mr. Khan leads the independent operational and management team of AROYA Cruises.

Board Members

• Mr. Raid Bin Abdullah Ismail: Chairman.

• Mr. Mishary Bin Naji Alibraheem: Vice Chairman.

• Mr. Mathad Bin Faisal AlAjmi: Board Member.

• Mr. Naif Bin Saleh Al Hamdan: Board Member.

• Mr. Frank Del Rio: Board Member.

• Mr. Michael Gregory O’Hara: Board Member.

• Mr. Fahd Bin Mohammed Hamidaddin: Board Member.

• Mr. Mohammed Bin Ali AlNasser: Board Member.

Leadership Changes

Recent Appointments

• Lars Clasen: Appointed as CEO in 2022, leading the company's strategic direction and growth.

Competitor Profile

Market Insights and Dynamics

The Saudi Arabian cruise market is experiencing significant growth, with revenues expected to reach USD 89.5 million by 2030, growing at a CAGR of 8.2% from 2025 to 2030.

Competitor Analysis

• Carnival Corporation: A global leader in the cruise industry, operating multiple brands and holding a significant market share.

• Royal Caribbean Group: Another major player with a diverse fleet and extensive global reach.

• MSC Cruises: A rapidly growing cruise line with a strong presence in the Mediterranean and expanding into new markets.

Strategic Collaborations and Partnerships

• Aman Group: Partnered to develop Aman at Sea, a luxury yacht experience bringing Aman’s world-renowned hospitality to bespoke voyages along Saudi’s untouched coastlines.

Operational Insights

Cruise Saudi's strategic focus on developing local infrastructure, launching region-specific cruise lines, and forming international partnerships positions it uniquely in the competitive landscape, catering to both regional and international markets.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Infrastructure Expansion: Developing additional cruise ports and terminals to accommodate increasing passenger numbers.

• Service Diversification: Introducing new cruise lines and experiences to attract a broader audience.

• Sustainability Initiatives: Implementing eco-friendly practices in all operations to align with global sustainability trends.

Future Business Directions

• Global Market Penetration: Expanding cruise itineraries to international destinations, enhancing Saudi Arabia's global tourism appeal.

• Technological Integration: Leveraging advanced technologies for operational efficiency and enhanced customer experiences.