Carnival Corp makes deal for new Dubai cruise terminal
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Carnival Corp makes deal for new Dubai cruise terminal

Carnival Corp., the world’s largest cruise ship operator, has partnered with a developer (Dubai-based Meraas holding company) to create a new cruise terminal in Dubai. The company is looking to offer more Dubai cruise departures, and bring in travellers from China and India. The plan also meshes well with Dubai’s stated aims to bring in more tourism over the next few years.

Carnival Corp’s share price rose last week

graph 2205 carnivalcorp

 

SOURCE: Yahoo Finance

The agreement describes the terminal as “the city’s main tourism hub” and states that it will open in October 2020. It will feature “as many as six” cruise terminals, and have the capacity to harbour six ships at any one time (including the largest across Carnival’s many fleets). The agreement was signed by Carnival’s CEO, Arnold W. Donald, and His Excellency Abdulla Al Habbai in his capacity as group chairman of Meraas.

His Highness Sheikh Mohammed bin Rashid al Maktoum, vice president and prime minister of the United Arab Emirates and ruler of Dubai, approved the development, saying: "We welcome visitors from across the world and provide them with an exceptional tourism experience. We want them to leave with lasting memories that they can share in their countries and communities. The continuous development of infrastructure has enabled our country to be a destination of choice in the region."

Mr. Donald pointed to the fact that the development will support the Dubai Tourism Vision 2020 plan, which aims to bring 20 million travellers to Dubai each year. He added: "We have a long history in Dubai with our world-leading cruise brands. We are excited to be part of this important venture that will drive new tourism opportunities for Dubai and the region through cruising."

Disclosure

Dominion holds Carnival Corp. in its Global Trends Luxury Fund.


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