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)
TT

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.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
TT

Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.