Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)
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Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)

After Riyadh’s triumph in securing the hosting rights for Expo 2030, attention has shifted towards the Saudi tourism sector, poised to benefit significantly from millions of visitors worldwide during the exhibition period.
Concurrently, Riyadh is accelerating its tourism projects to capitalize on the exhibition's momentum.
On Tuesday, Riyadh surpassed the Italian capital Rome and the Korean city of Busan during the first round of voting held in France.
The Group CEO of Diriyah Company, Jerry Inzerillo, views Saudi Arabia’s victory in hosting Expo 2030 as a significant success for the kingdom's tourism sector.
According to Inzerillo, the announcement of the Kingdom of Saudi Arabia hosting Expo 2030 is a testament to the magnitude of the transformation and success achieved by the Kingdom.
He anticipated that the exhibition would attract no less than 28 million visitors immersing themselves in unique cultures across 246 astonishing pavilions.
Earlier, Saudi Arabia achieved a significant milestone in the tourism sector, ranking second globally in terms of tourist arrivals during the first seven months of 2023.
According to the Ministry of Tourism, the Kingdom witnessed a remarkable 58% growth in tourist numbers during the first seven months of this year when compared to the same period in 2019.
This data was sourced from the UNWTO World Tourism Barometer, published by the United Nations World Tourism Organization (UNWTO) in September.
“We aim to receive 50 million annual visits to Diriyah, create over 178,000 direct job opportunities, and contribute $18.6 billion to the gross domestic product by 2030,” said Inzerillo in a press release on Wednesday.
Diriyah, known as the cradle of the kingdom and one of Saudi Arabia's most important historical sites, symbolizes national pride and a source of Saudi identity.
Fahad Al-Rasheed, CEO of the Royal Commission for Riyadh City, told the Associated Press that the kingdom’s exhibition plan includes transforming Riyadh into an “open-ended art exhibition without borders.”
Saudi Arabia continues its global openness to welcome the largest number of visitors, aiming to achieve its targets of receiving 100 million tourists by 2030.
Recently, the Ministry of Tourism announced the electronic issuance of visit visas for citizens of six countries, bringing the total number of countries benefiting from this service to 63.

 

 



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.