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.



Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

 People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

 People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)

Turkish stocks jumped on Monday, bonds climbed and the lira rallied against the euro as news the Kurdistan Workers Party (PKK) militant group was ending its four decade-long insurgency in the country added to US-China trade cheer.

Global share markets were enjoying a strong surge after the US and China agreed to slash tariffs, but Turkish equities outstripped most other bourses as they jumped more than 3%.

A PKK member said it was ceasing all military operations "immediately" following the group's decision to disband, a move that could boost NATO member Türkiye's political and economic stability.

The lira was up 1.3% against the euro and steady against the dollar, while its international market bonds, which have been losing ground for the last six months, were up nearly 0.7 cents.

The PKK decision followed an appeal from its jailed leader Abdullah Ocalan in February to disband. It is set to have far-reaching political and security consequences for the region, including in neighboring Iraq and also in Syria, where Kurdish forces are allied with US forces.

Omer Celik, spokesperson for President Recep Tayyip Erdogan's ruling AK Party, said the PKK's decision to dissolve was "an important step toward a terror-free Türkiye".

There have been intermittent peace efforts over the years, most notably a ceasefire between 2013 and 2015 that ultimately collapsed.

The PKK's move should now give Erdogan the opportunity to boost spending in the mainly Kurdish southeast of Türkiye, where the insurgency has handicapped the regional economy for decades.

Analysts welcomed the PKK move but added a note of caution.

"It can only be good news," said Christopher Granville, managing director of EMEA & Global Political Research at investment advisory firm TS Lombard. "But is it decisive for the difficult Turkish investment case?"

He said the PKK issue was ultimately "secondary" to questions about Türkiye's recent arrest of Erdogan's main political rival, Istanbul Mayor Ekrem Imamoglu, and the broader direction of its macroeconomic policy.

Those concerns have weighed on Turkish markets this year.

MSCI's Türkiye equities index is down more than 13% compared to a near 8% rise in its pan-emerging market index., while lira-denominated government bonds have cost investors more than 8% on a total returns basis.

The cost of insuring Ankara's government debt using Credit Default Swaps (CDS) has also shot up, although Monday's rally saw that ease back.

"A continuation of the pullback (in CDS levels) ... may support banking stocks, which have been the negatively differentiated sector in BIST (Turkish stocks index) in the last 2 months," Garanti BBVA Yatirim's Director Ozgur Yurtdasseven said.

Turkish banking stocks were up 3.8% on the day, but remain more than 16% down on the year in lira terms and more than 20% in dollar terms.