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Senior Saudi Officials Chart Technical Plans for Expo 2030

Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
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Senior Saudi Officials Chart Technical Plans for Expo 2030

Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)

No sooner had Saudi Crown Prince Mohammed bin Salman announced in October 2021 Riyadh’s bid to host Expo 2030 that preparations for the nomination began with great momentum and enthusiasm.

All relevant government entities in the country participated and supported the effort, making the bid a central focus in the Kingdom.

Crown Prince Mohammed had emphasized that Expo 2030 would coincide with the fulfillment of Saudi Vision 2030, presenting an exceptional opportunity to showcase the achievements of the vision and share valuable lessons from this transformation journey.

He highlighted the competitive advantages boasted by Riyadh, as it stands as the “largest purchasing power in the Middle East” and possesses outstanding infrastructure.

Additionally, Riyadh is a cornerstone of economic growth in Saudi Arabia due to its immense size and economic influence.

The Royal Commission for Riyadh City, which is responsible for the comprehensive development of the Saudi capital, is also the government entity leading local efforts to host Expo 2030.

The Commission follows an administrative and technical governance approach that allows it to be responsible for all efforts aimed at achieving urban development in Riyadh.

The capital is paving its way to becoming one of the top 10 cities in the world in terms of urban economy, as affirmed by the CEO of the Commission during the presentation of Riyadh’s bid to host Expo 2030 before the General Assembly of the Bureau International des Expositions in Paris on Tuesday.

“We are ready to start working immediately upon our selection, and by February 2028, all preparations in Saudi Arabia will be completed to host Expo 2030,” said Ibrahim Al-Sultan, acting CEO of the Royal Commission for Riyadh City.

“We are confident in our ability to hold an unprecedented world exhibition,” he stressed.

The strategy behind Saudi government agencies for the Expo 2030 project is embodied in the royal decree issued on December 25, 2021, on establishing a steering committee for Expo 2030 to oversee the city’s nomination.

This decree was followed by a directive on March 7, 2022, granting the committee an official status under the name of the “Technical Preparations Committee.”

Informed sources revealed to Asharq Al-Awsat that the Committee is headed by Al-Sultan.

The committee includes several senior government officials in Saudi Arabia, namely Ahmed Al-Khateeb, Minister of Tourism; Mohammed Al-Jadaan, Minister of Finance; Faisal Al-Ibrahim, Minister of Economy and Planning; Mohammed Al-Tuwaijri, former Minister of Economy and Planning and Advisor to the Royal Court; Fahad Toonsi, Advisor to the Royal Court; and Hamed Fayez, Deputy Minister of Culture.

Additionally, it includes Fahad Al-Ruwaily, the Saudi Ambassador to France, and Fahd Hamidaddin, the CEO of the Saudi Tourism Authority.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.