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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's Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
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Egypt's Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM

Egypt's annual urban consumer price inflation plunged to 12.8% in February from 24.0% in January, decelerating even faster than analysts had expected, official data showed on Monday.
The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, analysts said.
Fifteen analysts polled by Reuters last week had expected inflation to cool to a median 14.5%.
Month on month, prices were 1.4% higher in February than in January.
Food and beverage prices were up by an annual 3.7% after rising 0.2% from January.
Core inflation also plunged more than expected to 10% on year-on-year basis in February, from 22.6% in January, the central bank said.
Inflation climbed following the Russian invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. Headline inflation reached a record high of 38.0% in September 2023.
The price rises were fueled in part by rapid growth in the money supply. M2 money supply expanded by an all-time high of 32.1% in the year to end-January, central bank data showed.
Egypt devalued its currency a year ago, raised interest rates by 600 basis points and signed an $8 billion financial support package with the International Monetary Fund, helping to bring its finances under control.