Jeddah, July 25, 2022, SPA -- Jeddah Central Development Company (JCDC), a wholly-owned subsidiary of the Public Investment Fund (PIF) and a master developer of Jeddah Central Project, has announced the signing of a Memorandum of Understanding (MoU) with Cruise Saudi, a wholly-owned PIF company specializing in cruise ecosystem development. According to the MoU, the two companies will work together to develop the design for Jeddah Central Development (JCD) project International Luxury Cruise Terminal. The Marina and terminal will contribute to transforming Jeddah’s coastline. Hence, fostering the growth and development of the Kingdom’s marine tourism industry. 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. The Marina and Luxury Cruise is set to provide Jeddah residents and visitors with new ways to experience the coastal areas. Additionally, other-in-progress beachside developments are underway. The outputs of the memorandum will also strengthen Jeddah’s position as a multi-faceted maritime hub alongside other regional competitors. Eng. Ahmed bin Abdulaziz Al-Sulaim, CEO of JCDC, commented: “Jeddah’s proximity to the sea has greatly influenced its economic and cultural development over the years. 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.” Lars Clasen, CEO of Cruise Saudi, said: “This memorandum supports the efforts of Cruise Saudi in expanding beyond the scope of cruise services, and we look forward to working with Jeddah Central Development Company. 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 shall assist in both parties realizing their aspirations, and reflect positively on the Kingdom’s tourist experience”. --SPA 00:18 LOCAL TIME 21:18 GMT 0002 www.spa.gov.sa/w1766168