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OIC Backs Saudi Arabia’s Bid to Host World Expo 2030

Dr. Yousef bin Ahmed Al-Othaimeen. Reuters file photo
Dr. Yousef bin Ahmed Al-Othaimeen. Reuters file photo
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OIC Backs Saudi Arabia’s Bid to Host World Expo 2030

Dr. Yousef bin Ahmed Al-Othaimeen. Reuters file photo
Dr. Yousef bin Ahmed Al-Othaimeen. Reuters file photo

Organization of Islamic Cooperation Secretary-General Yousef bin Ahmed Al-Othaimeen has stressed the OIC’s support for Saudi Arabia’s bid to host Expo 2030 in Riyadh.

The bid has been announced by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Othaimeen said: “Hosting Expo 2030 in Saudi Arabia will be a coronation for the huge efforts exerted to realize Saudi Vision 2030 and a real view of its products and outcomes.”

He added that the Kingdom has in the past succeeded in hosting major international summits and events, whether virtually or in person.

The secretary-general noted that the Kingdom’s hosting of Expo 2030 will offer an opportunity for the world to “benefit from the Saudi experiment in making qualitative leaps in all sectors.”

He added that the event “embodies the entrepreneurship and status of Saudi Arabia” as a major investment and economic destination, in addition to the Kingdom being among the top developed countries in the field of artificial intelligence, among others.

Othaimeen said that the Saudi citizen has a lot to offer at the event in terms of technology, international cooperation, economics, commerce, arts, culture, and science.

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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.