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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

McDonald's Sales Fall Globally for First Time in More Than Three Years 

The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
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McDonald's Sales Fall Globally for First Time in More Than Three Years 

The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)

McDonald's reported a surprise drop in sales worldwide on Monday, its first decline in 13 quarters, as deal-seeking consumers shy away from higher priced menu items, including Big Macs.

Persistent inflation has forced lower-income consumers to shift to more affordable food options at home. That has led fast food chains such as McDonald's, Burger King, Wendy's and Taco Bell to lean on value meals to spark customer traffic.

McDonald's shares, which are down 15% this year, rose nearly 4% after company executives said the $5 meal deal launched late in June sold above expectations. They said the company was working with franchisees in a bid to extend it beyond August.

The company, which stuck to its 2024 forecast for operating margin of mid-to-high 40% range, said it would be more selective with price increases to protect profitability.

"Even though things (traffic) are soft now, they should be getting better in the back half of the year ... with better value on the menu," said Brian Mulberry, client portfolio manager at Zacks Investment Management.

Global comparable sales fell 1% in the second quarter, compared with expectations of a 0.5% increase. Overall revenue rose 1%.

CEO Chris Kempczinski said there is a lot more deal-thinking from consumers who have become "very discriminating". "Consumer sentiment in most of our major markets remains low," he said.

McDonald's results dovetail with comments last week from Coca-Cola CEO James Quincey, who said there had been "some softness in away-from-home channels" in North America, an indication of fewer people eating out.

"The biggest hit for McDonald's is the low-income consumer has really cut back on visits and that is more than offsetting the typical trade down McD normally sees in tougher economic times," said Edward Jones analyst Brian Yarbrough.

US comparable sales fell 0.7% in the quarter ended June 30, compared with a 10.3% jump a year ago. Sales in international markets, which made up nearly half its 2023 revenue, dropped 1.1%, driven by weakness in France.

A slower-than-expected recovery in China and the Middle East conflict hurt the performance of McDonald's business segment where restaurants are operated by its local partners, as sales declined 1.3% compared with a 14% jump a year earlier.

Companies like McDonald's and Starbucks have also suffered from consumer boycotts linked to the Gaza war, which hit their sales in the Middle East markets.

McDonald's, however, stuck to its capital expenditure budget of up to $2.7 billion, with more than half of that earmarked for new restaurants in the US and international markets.

It earned $2.97 per share on an adjusted basis in the second quarter, missing expectations of $3.07.