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Riyadh Expo 2030 to Introduce Packages Supporting Participation of Developing Nations

A map illustrating the proposed location of the Riyadh Expo 2030 exhibition in the northern part of the Saudi capital, Riyadh. (Asharq Al-Awsat)
A map illustrating the proposed location of the Riyadh Expo 2030 exhibition in the northern part of the Saudi capital, Riyadh. (Asharq Al-Awsat)
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Riyadh Expo 2030 to Introduce Packages Supporting Participation of Developing Nations

A map illustrating the proposed location of the Riyadh Expo 2030 exhibition in the northern part of the Saudi capital, Riyadh. (Asharq Al-Awsat)
A map illustrating the proposed location of the Riyadh Expo 2030 exhibition in the northern part of the Saudi capital, Riyadh. (Asharq Al-Awsat)

The proposed site in the Saudi capital for hosting the Riyadh Expo 2030 has been divided into four zones based on the exhibition’s three sub-themes, sources familiar with the bid to host the exhibition told Asharq Al-Awsat.

The sub-themes are “Prosperity for All,” “Climate Action,” and “A Different Tomorrow.” The fourth zone, however, is linked to the Kingdom’s main development plan, Vision 2030.

Each of these zones features a main pavilion covering a total area of approximately 3.4 square kilometers.

Participating countries will also have the option to construct their own pavilions or rent pre-existing structures.

In an ambitious effort to accommodate all nations at the Expo, Riyadh’s bid targets participation from 196 countries, in addition to Saudi Arabia and 29 international organizations.

This goal, while ambitious, appears achievable, considering factors such as Dubai’s hosting of Expo 2020, which welcomed 192 countries.

The organizing committee for Riyadh Expo 2030 has identified 100 qualified countries to receive dedicated facilities within a set of packages, which will be announced by the first quarter of 2030.

These packages aim to support the participation of nations lacking the necessary financial resources to cover all expenses related to their involvement in the exhibition, with selection criteria based on factors such as multilateral agreements, urban populations, and tourism appeal.

Riyadh Expo 2030 aims to empower developing nations to take the lead, offering a platform for them to showcase more compelling cultural content.

Additionally, it will provide an ideal stage for companies, sectors, and governments to promote themselves, attracting business, investment, and visitors.

Furthermore, the exhibition will allocate spaces for each region within the Expo to host their programs of events, informing participating countries and visitors about scientific, cultural, commercial, and investment opportunities.

Riyadh’s chances of winning the bid to host the Expo are on the rise, with the addition of new countries to the list of supporters.

This includes several African nations and Iran, as confirmed by Iran’s Foreign Minister, Hossein Amir-Abdollahian, following his visit to the Kingdom in mid-August.

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Japan’s Economy Rebounds Strongly on Consumption Boost, Backs Case for More Rate Hikes

People look at the city's skyline from the Bunkyo Civic Center Observation Deck in Tokyo on August 14, 2024. (AFP)
People look at the city's skyline from the Bunkyo Civic Center Observation Deck in Tokyo on August 14, 2024. (AFP)
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Japan’s Economy Rebounds Strongly on Consumption Boost, Backs Case for More Rate Hikes

People look at the city's skyline from the Bunkyo Civic Center Observation Deck in Tokyo on August 14, 2024. (AFP)
People look at the city's skyline from the Bunkyo Civic Center Observation Deck in Tokyo on August 14, 2024. (AFP)

Japan's economy expanded by a much faster-than-expected annualized 3.1% in the second quarter, rebounding from a slump at the start of the year thanks to a strong rise in consumption and backing the case for another near-term interest rate hike.

The Bank of Japan had forecast that a solid economic recovery will help inflation sustainably hit its 2% target, and justify raising interest rates further after it hiked them last month in its continued quest to exit years of massive monetary stimulus.

The increase in gross domestic product (GDP) compared with a median market forecast for a 2.1% gain, and followed an upwardly revised 2.3% contraction in the first quarter, government data showed on Thursday. The reading translates into a quarterly rise of 0.8%, beating a 0.5% increase expected by economists in the Reuters' poll.

"The results are simply positive overall, with signs for a pick-up in private consumption backed by real wage growth," said Kazutaka Maeda, an economist at Meiji Yasuda Research Institute.

"It supports the BOJ's view and bodes well for further rate hikes, although the central bank would remain cautious as the last rate increase had caused a sharp spike in the yen."

Private consumption, which accounts for more than half of the economic output, rose 1.0%, compared with forecast for a 0.5% increase and the first gain in five quarters.

Private consumption has been a soft spot in the economy, which has stuttered over the past year as households struggle with rising living costs, blamed in part on higher import prices due to the weak yen.

POST-KISHIDA CHALLENGE

Public discontent over rising living costs was one of the factors that prompted Japan's Prime Minister Fumio Kishida to announce he would resign next month.

Kishida's replacement could call a snap election in the fall if the approval rating is high, said Kengo Tanahashi, economist at Nomura Securities, adding that the BOJ is unlikely to opt for an additional rate hike during that period.

"We believe that the BOJ will raise interest rates one more time in October or December, but the possibility of a rate hike in October has decreased considerably in light of Prime Minister Kishida's decision not to run for office," Tanahashi said.

The government expects the economy will continue to recover gradually as the spring wage talks were strong this year and the minimum income will be raised in October, economy minister Yoshitaka Shindo said in a statement.

Striking a note of caution, Shindo said Japan must pay close attention to economic-downturn risks overseas and market volatility, as investor concerns grow of a possible US recession that sparked last week's rout in global financial markets.

The Nikkei share average finished the morning trading up 1.01%, mainly buoyed by Wall Street's gains overnight, while the Japanese yen was little changed around 147.38 to the dollar after the data.

CONSUMPTION RECOVERY

An influx of tourism has also helped boost retail sales in Japan. Fast Retailing, owner of clothing brand Uniqlo, highlighted strength of the domestic market in its most recent earnings, lifted by a surge in duty-free sales.

Spending by tourists is expected to reach 8 trillion yen ($54.74 billion) this year, according to the government, which sees tourism as an important growth driver in an economy long hobbled by an ageing population.

Capital spending, a key driver of private demand-led growth, rose 0.9% in the second quarter, matching a median market forecast in a Reuters poll. Business investment might come under pressure in the months ahead as exporters face global demand pressure.

External demand, or exports minus imports, knocked 0.1 point off growth, the data showed.

The BOJ raised interest rates last month and detailed a plan to taper its huge bond buying in another step toward phasing out its massive monetary stimulus.

Japan is a global outlier in raising rates as most major central banks, including the US Federal Reserve, have begun to ease policy or are moving in that direction.

The first rise in consumption in more than a year "should encourage the Bank of Japan to press ahead with another rate hike later this year," said Marcel Thieliant, head of Asia-Pacific at Capital Economics.