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.



Oil Prices Rise as Investors Eye US Election Fallout

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.  REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Prices Rise as Investors Eye US Election Fallout

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.  REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil prices rose on Thursday following a sell-off triggered by the US presidential election, as risks to oil supply from a Trump presidency and a hurricane building in the Gulf Coast outweighed a stronger US dollar and higher inventories.
Brent crude oil futures were up 65 cents, or 0.87%, at $75.57 per barrel by 0400 GMT. US West Texas Intermediate (WTI) crude gained 54 cents or 0.75% to $72.23, Reuters said.
Concerns around a Trump presidency squeezing oil supply from Iran and Venezuela as well as an approaching storm "more than offset the post-election impact of a stronger US dollar and ... higher-than-expected US inventories," Tony Sycamore, a market analyst with IG, wrote in a note.
Trump's election had initially triggered a sell-off that pushed oil prices down by more than $2 as the US dollar rose to its highest level since September 2022. But the front-month contracts pared losses to settle down 61 cents for Brent and 30 cents for WTI by the end of the Wednesday session.
"Historically, Trump's policies have been pro-business, which likely supports overall economic growth and increases demand for fuel. However, any interference in the Fed's easing policies could lead to further challenges for the oil market," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
"With the bumper surge in the dollar hovering at near 4-month highs, oil seems to be talking massive headwinds in the aftermath of the US election results."
The upside to oil markets may be limited to the short to medium term as OPEC is expected to increase supply capacity in January, while historical trends do not suggest sanctions will prevent India and China from continuing to purchase oil from Russia or Iran, Sachdeva said.
Donald Trump is expected to reimpose his "maximum pressure policy" of sanctions on Iranian oil. That could cut supply by as much as 1 million barrels per day, according to an Energy Aspect estimate.
Trump in his first term had also put in place harsher sanctions on Venezuelan oil, measures that were briefly rolled back by the Biden administration but later reinstated.
In North America, Hurricane Rafael intensified into a category 3 hurricane on Wednesday, and about 17% of crude oil production or 304,418 barrels per day in the US Gulf of Mexico had been shut in response, the US Bureau of Safety and Environmental Enforcement said.
US crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending on Nov. 1, the US Energy Information Administration said on Wednesday, compared with expectations for a 1.1 million-barrel rise.