Saudi Arabia to Host World Expo in 2030, Crown Prince Hails Win as Culmination of Saudi Vision Goals

Saudi Foreign Minister Prince Faisal bin Farhan, accompanied by the Secretary-General of the Bureau International des Expositions (BIE) following Riyadh’s victory in securing hosting rights to Expo 2030 (Asharq Al-Awsat)
Saudi Foreign Minister Prince Faisal bin Farhan, accompanied by the Secretary-General of the Bureau International des Expositions (BIE) following Riyadh’s victory in securing hosting rights to Expo 2030 (Asharq Al-Awsat)
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Saudi Arabia to Host World Expo in 2030, Crown Prince Hails Win as Culmination of Saudi Vision Goals

Saudi Foreign Minister Prince Faisal bin Farhan, accompanied by the Secretary-General of the Bureau International des Expositions (BIE) following Riyadh’s victory in securing hosting rights to Expo 2030 (Asharq Al-Awsat)
Saudi Foreign Minister Prince Faisal bin Farhan, accompanied by the Secretary-General of the Bureau International des Expositions (BIE) following Riyadh’s victory in securing hosting rights to Expo 2030 (Asharq Al-Awsat)

Saudi Arabia secured a decisive victory in the bid to host the Expo 2030 World Fair, as announced by the Bureau International des Expositions (BIE) in Paris on Tuesday.
The confirmation came after Riyadh overwhelmingly garnered 119 votes in the initial round, marking a landslide triumph.
Following this announcement, Saudi Crown Prince Mohammed bin Salman declared that the Kingdom is set to deliver an “unprecedented edition in the history of hosting Expos,” emphasizing that “Riyadh's win in hosting Expo solidifies its leading role.”
Riyadh outperformed the Italian capital, Rome, and the South Korean city of Busan by a wide margin during the initial round of voting.
BIE announced that the kingdom would be hosting the exhibition after a secret ballot was cast during the 173rd General Assembly of BIE in Paris.
Crown Prince Mohammed bin Salman extended his congratulations to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud to mark the landmark occasion.
“The kingdom’s selection as the host of the World Expo 2030 underlines its influential and leading role and the international confidence it enjoys. Saudi Arabia has become an ideal destination for hosting major international events, including the esteemed World Expo,” said the Crown Prince.
“The World Expo 2030 coincides with a crucial year for the realization of the goals and plans outlined in Saudi Vision 2030.”
“This Expo represents a remarkable opportunity to share with the world the lessons learned from our unprecedented journey of transformation,” he added.
The Crown Prince stressed Riyadh’s readiness to welcome the world at Expo 2030, and the fact that it will fulfill the obligations stipulated in the bid with the aim of achieving the main theme of the expo, “The Era of Change: Together for a Foresighted Tomorrow”, and its subtopics: “A Different Tomorrow”, “Climate Action”, and “Prosperity for All.”
The Kingdom's bid to host the Expo received strong and direct support from the Crown Prince, starting with the Kingdom’s official application to the BIE on October 29, 2021.
The Long Parisian Day: Unraveling the Details
Saudi Foreign Minister Prince Faisal bin Farhan’s confidence in Riyadh’s bid to host Expo 2030 was not misplaced. In his presentation of Riyadh’s file before the BIE, Prince Faisal asserted that the Kingdom would emerge victorious in the competition against Italy and South Korea.
The top diplomat had affirmed that 130 countries expressed confidence in Riyadh’s proposal, and its capability to host the exposition.
According to BIE’s secretary-general, it is rare for a candidate country to secure victory from the first round, a feat achieved by Saudi Arabia with two-thirds of the votes from the outset.
During Tuesday’s session, the Saudi delegation was the last to address the General Assembly, following the diverse presentation from the South Korean and Italian delegations.
The Saudi Presentation
The Saudi delegation, led by Prince Faisal, delivered a cohesive presentation under the theme “From the World, To the World.”
They emphasized Saudi Arabia’s commitment to establishing the largest network of cooperation with nations worldwide.
Notably, Riyadh expressed its intent to allocate $384 million to assist 100 nations in need, enabling their participation in “Expo Riyadh 2030” under the banner of “One World, One Pavilion.”
Prince Faisal underscored the Kingdom’s focus on developmental goals, accelerating progress on all fronts, and addressing global challenges, including climate change, sustainable development, and international cooperation.
Speaking as he led the Saudi delegation at the general assembly on Tuesday, Prince Faisal stated, "The Kingdom is committed to collaborating with all stakeholders to deliver a distinctive edition of Expo 2030."
Princess Haifa Al-Mogrin, Saudi Arabia's representative to UNESCO, stated that the Kingdom will collaborate with all nations every step of the way until 2030.
She highlighted the focus on providing opportunities for education, health, environment, and prosperity for all.
Expo Hosting Journey
Among the five cities that initially submitted bids to host Expo 2030, two dropped out of the race early: Moscow and the Ukrainian city of Odessa, overlooking the Black Sea.
Moscow withdrew its bid due to the Russian invasion of Ukraine, and Odessa was not considered by the BIE as it did not meet the necessary conditions for organizing such a significant event.
This left Riyadh, Rome, and Busan as the remaining contenders, each presenting ambitious plans to host the prestigious expo, considered the global event in the exhibition field.
After a series of successive stages in the bidding process, the decisive moment arrived on Nov.28 with the electronic voting by the 180 member countries.
The BIE provided the final opportunity for the three competing parties to present their arguments and focus on key points they deemed “winning.”
The BIE director emphasized the need for strict adherence to the allocated time, not exceeding 20 minutes per presentation.
After Riyadh’s bid won the right to host the Expo 2030 world fair, Prince Faisal affirmed that Saudi Arabia’s victory “signifies the Kingdom's status and the international community's confidence in it.”
Prince Faisal emphasized that Saudi Arabia would present a “new type” of Expo in 2030, changing the dynamics of international exhibitions.
He expressed pride in the Kingdom’s exceptional success and thanked the nations that voted in Riyadh’s favor, acknowledging the presentations by South Korea and Italy.
Once again, he underscored that the expo is “not just for Saudi Arabia but for the entire world,” with Riyadh planning to involve all nations in its conception, planning, and execution.



Oil Rises After 4 Sessions of Decline... Brent Above $101

FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
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Oil Rises After 4 Sessions of Decline... Brent Above $101

FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS

Oil prices gained on Tuesday after declining for four consecutive sessions as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.

The Brent crude futures November contract rose $1.29, or 1.29%, to $101.63 a barrel at 0758 GMT. The WTI October contract, which expires on Tuesday, climbed 92 cents, or 0.96%, to $96.70 a barrel, Reuters reported.

The more actively traded November contract was up 80 cents, or 0.87%, at $93.17 a barrel.

Tehran and Washington exchanged threats on Sunday, though US President Donald Trump said he would be open to ⁠meeting Iranian President Masoud ⁠Pezeshkian, who is expected to be in New York this week for the UN meeting.

The rebound in crude suggests traders need fresh developments on supply risks or diplomatic efforts before pushing prices materially lower, said Ole Hansen, head of commodity strategy at Saxo Bank.

Over the weekend, Iran also reportedly conveyed its conditions to mediators for re-engaging in negotiations.

"Oil exports from the Middle East have recovered but remain well below pre-conflict averages," said UBS analyst Giovanni Staunovo.

Hansen said he does not see much further downside in oil prices until there is increased supply through the Strait of Hormuz, particularly refined products, where the real crunch remains.

Separately, an armed group closed valve seven on Libya's Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, Libya's National Oil Corporation said in a statement.

Production at the field has fallen by around 200,000 barrels per day and is currently between 100,000 and 105,000 bpd, two engineers at the field told Reuters.


Binance Reportedly Under US Scrutiny Over Possible Iran Sanctions Violations

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Binance Reportedly Under US Scrutiny Over Possible Iran Sanctions Violations

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

US federal prosecutors are investigating whether Binance violated sanctions on Iran by failing to prevent certain trading activity on its platform, Bloomberg News reported on Monday, citing people familiar with the matter.

Here are a few details:

The probe is being led by the Manhattan US attorney's office, with the Justice Department's criminal division in Washington ⁠also involved, Bloomberg News ⁠reported, adding that authorities are examining whether Binance knowingly allowed the trading.

Binance said in a statement that it has a zero-tolerance approach to sanctions violations. "We fully cooperate with law enforcement, and ⁠we remain committed to rooting out and shutting down bad actors."

The DOJ declined to comment to Reuters, while the Manhattan US attorney's office could not immediately be reached for a comment outside regular business hours.

Binance has faced US scrutiny in the past. In 2023, Binance's then-chief Changpeng Zhao stepped down and pleaded guilty to breaking US ⁠anti-money ⁠laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange.

The US government earlier this month imposed sanctions on firms and individuals it says are helping Hezbollah and other Iranian proxies in the Middle East, intensifying its campaign to isolate Iran economically.


World Bank, IMF Back Changes to Debt Framework for Poor Countries

01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
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World Bank, IMF Back Changes to Debt Framework for Poor Countries

01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)

The World Bank and International Monetary Fund said on Monday that both their executive boards had approved proposed reforms of their joint framework for evaluating the debt of low-income countries to reflect a more complex and riskier environment.

A joint review, the first since 2017, recommended changes in several areas, including beefing up the analysis of domestic debt held by poor countries, and broadening consideration of long-term development challenges, including climate change. It stopped short of calling for a wholesale redesign.

The reforms are intended to refine how the IMF and World Bank measure a country's debt-carrying capacity and provide new tools to better differentiate between countries facing some risk of debt stress and those whose debt is deemed unsustainable.

The World Bank and IMF said they would also work ‌to enhance the tools ‌and stress tests used to ensure the consistency and accuracy of forecasts, while ‌encouraging ⁠countries to improve reporting ⁠and transparency of their debt data. They left the discount rate used in making assessments unchanged at 5%.

"Overall, our goal is a very practical one. It is to help countries identify vulnerabilities earlier and also more precisely, so that they can make better-informed financing choices and better-informed policy choices," said Allison Holland, who worked on the new debt sustainability framework and now serves as deputy director in the IMF's African Department.

Holland said recent shocks had reversed improvements in the debt landscape seen since 2021, taking the number of countries at high risk or already in debt distress back ⁠to pre-pandemic levels.

"Around 14% of low-income countries are in debt distress, and another 33% ‌are at high risk. About 23% of emerging market countries are at ‌high risk of overall sovereign stress," she said.

The revised framework could help inform a debt restructuring requested earlier this month ‌by Senegal in exchange for a $2.2 billion IMF bailout two years after a hidden debt scandal that pushed ‌it into crisis. The IMF has said it will assess Senegal's debt sustainability using the current framework, "while taking into account the implications of the transition" to the new one.

The IMF has not provided details on how the revised framework — with consideration of domestic debt — could affect Senegal's debt restructuring.

TAKING EFFECT IN SECOND HALF OF 2027

The changes, which will become operational in the second half ‌of 2027, should help countries better assess how much they can invest in needed development and climate adaptation measures while containing debt vulnerabilities over the long ⁠term, the IMF and World ⁠Bank said.

A review completed in July confirmed that the debt sustainability framework, first introduced in 2005, had worked well to identify debt distress episodes ahead of time and help countries make informed borrowing and lending decisions.

But it recommended changes to account for higher debt levels in many low-income countries and a shift in financing sources to include more domestic and external borrowing on commercial terms. The IMF and World Bank have a separate framework for assessing the debt sustainability of advanced and emerging market economies that will be reviewed in coming years.

The IMF said near- and medium-term economic projections that feed into the analyses had generally been reliable, but longer-term forecasts of exports and revenues had shown some "optimism bias" and left data gaps, including for state-owned enterprises.

The new framework introduces a long-term module to add granularity to risk assessments, as well as specific thresholds for overall public debt stress.

But IMF board members agreed to temporarily hold off publishing the models used to assess unsustainable debt to give time to adjust to the new methodologies. Stand-alone staff notes would be used to share data with the board for now, it said.