عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
TT
TT

Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.