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Saudi Sustainability, Climate Initiatives Shine as Global Achievements in ‘Expo 2030’ Challenges

Snapshot of Riyadh, the Saudi capital, depicts a state of competitiveness and escalating urban development (Asharq Al-Awsat)
Snapshot of Riyadh, the Saudi capital, depicts a state of competitiveness and escalating urban development (Asharq Al-Awsat)
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Saudi Sustainability, Climate Initiatives Shine as Global Achievements in ‘Expo 2030’ Challenges

Snapshot of Riyadh, the Saudi capital, depicts a state of competitiveness and escalating urban development (Asharq Al-Awsat)
Snapshot of Riyadh, the Saudi capital, depicts a state of competitiveness and escalating urban development (Asharq Al-Awsat)

Despite global challenges and threats to life and the planet, Saudi Arabia has introduced numerous initiatives that tackle these issues and offer solutions.

This was evident during the Kingdom’s presidency of the 2020 G20 Summit.

Saudi Arabia has made noteworthy contributions in sustainability, environmental preservation, carbon neutrality, promoting eco-friendly activities, and investing in the transfer and localization of technology industries for clean and sustainable energy.

According to experts interviewed by Asharq Al-Awsat, Riyadh has presented initiatives that are friendly to human life and the planet. These include the Middle East Green Initiative and the Saudi Green Initiative.

Additionally, Riyadh’s efforts in stimulating the global economy through financial solutions and revitalizing emerging and promising sectors enable it to host the best version of the World Expo 2030.

The Kingdom’s candidacy strategy for its bid to hold the international fair addresses global issues and provides all the necessary elements to achieve its goals effectively.

The timing of the Expo 2030 exhibition will coincide with the completion of the programs, projects, and goals of Vision 2030 in Saudi Arabia, said Fadel al-Buainain, a member of the Saudi Shura Council.

As a result, it will serve as a culmination of government efforts and the ambitious transformation project led by Crown Prince Mohammed bin Salman. This implies that the exhibition will serve as a gateway for visitors, investors, and leaders from around the world.

Al-Buainain believes that Expo 2030, if held in Riyadh, will stimulate global stakeholders and the investment sector to invest in the Kingdom, thereby enhancing economic diversity.

Additionally, this will lead to the transformation of the expo village and its facilities into a permanent site, subsequently becoming a comprehensive tourist destination and a global platform that attracts visitors from all around the world.

Moreover, the international exhibition is expected to offer global advancements and achievements.

Al-Buainain added that all sectors in the Kingdom are now open to investors, including the hospitality sector supporting the exhibition, as well as investments in tourism, industry, technology, infrastructure, modern transportation, and other sectors brimming with investment opportunities.

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After Trump’s Victory, Arab Demands for Competitive Advantages Due to Regional Tensions

Donald Trump addresses his supporters at the West Palm Beach Convention Center in Florida on Wednesday. (EPA)
Donald Trump addresses his supporters at the West Palm Beach Convention Center in Florida on Wednesday. (EPA)
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After Trump’s Victory, Arab Demands for Competitive Advantages Due to Regional Tensions

Donald Trump addresses his supporters at the West Palm Beach Convention Center in Florida on Wednesday. (EPA)
Donald Trump addresses his supporters at the West Palm Beach Convention Center in Florida on Wednesday. (EPA)

With the election of Donald Trump as US president, the global economy has gained direction for the coming years. Trump’s policies favor corporate tax cuts, increased investment, and expansionary monetary policies. He also promotes local production to boost job creation, which involves imposing significant tariffs on trade partners, particularly in Asia. This approach could trigger a trade war, affecting inflation in both the US and worldwide.

The US economy is already grappling with high prices, slower economic growth, and rising unemployment, alongside a national debt nearing 99% of GDP. This backdrop underscores the importance of economic issues in the recent election.

For the new US administration, domestic concerns will not be the sole priority. Ongoing geopolitical tensions, especially recent Middle Eastern conflicts, will also impact the US economy. To gain regional insights, Asharq Al-Awsat consulted economists from various Arab nations on their expectations and requests from the US president regarding the Middle East.

Priority of Regional Stability

Dr. Mohamed Youssef, an Egyptian economist, emphasized that regional stability is crucial, benefiting the economy and paving the way for resolving complex issues like the Nile Dam dispute affecting Egypt. He highlighted the American role in fostering calm in the region.

Iraqi economist Durgham Mohamed Ali noted that US relations vary across the Middle East; while Lebanon and Yemen remain outside current US alliances, Sudan and Somalia require international aid to rebuild infrastructure.

Competitive Advantage for Arab Countries

Ahmed Moaty, a global markets expert from Egypt, suggested that reduced US tariffs would improve Arab economies’ competitiveness. However, he pointed out the American high debt could motivate the administration to impose tariffs to protect local industries and reduce imports. Ali observed that US tariffs are interest-driven and selective, favoring allies like Japan, Taiwan, and South Korea while being stringent toward BRICS members, such as China, Brazil, and South Africa. He linked tariff policies to regional geopolitics, especially the conflicts involving Israel, Lebanon, Palestine, and Iran, which could influence US economic decisions.

Dr. Mohamed Youssef also argued that easing US-China competition could benefit the global economy, as high tariffs on Chinese goods reduce China’s growth, decreasing demand for key commodities like oil.

Ibrahim Al-Nwaibet, CEO of Saudi Arabia’s Value Capital, predicted that a Republican win could positively impact oil and interest rates, revitalizing the petrochemical and trade finance sectors.

On currency, Moaty noted the strong US dollar pressures emerging markets, especially in the Middle East. He suggested offering US Treasury bonds with higher yields to Arab countries as a counterbalance. Ali added that the dollar’s strength poses challenges for countries heavily reliant on US currency amid global liquidity shortages.

The BRICS Bloc

Ali also mentioned the high levels of US debt, explaining: “In general, the entire world is concerned about rising US debt, slowing growth rates... and is wary of the BRICS alliance, which some Arab countries hope to join. The question remains whether a cold economic war will ensue.”

Youssef also discussed the BRICS, which could play a role in attracting the new US president’s attention to countries joining the alliance. He added: “This may provide new competitive advantages for countries in the region, particularly as countries like Egypt, the UAE, and Iran recently joined BRICS, while Saudi Arabia is still evaluating the benefits of such move.”