Intensive Meetings to Assess Riyadh’s Readiness to Host Expo 2030

Members of the BIE Enquiry Mission were briefed on Saudi Arabia’s candidature plan. (Asharq Al-Awsat)
Members of the BIE Enquiry Mission were briefed on Saudi Arabia’s candidature plan. (Asharq Al-Awsat)
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Intensive Meetings to Assess Riyadh’s Readiness to Host Expo 2030

Members of the BIE Enquiry Mission were briefed on Saudi Arabia’s candidature plan. (Asharq Al-Awsat)
Members of the BIE Enquiry Mission were briefed on Saudi Arabia’s candidature plan. (Asharq Al-Awsat)

The mission of the International Bureau of Exhibitions (BIE), the authority concerned with evaluating the ability of the candidate cities to host Expo 2030, has intensified its ministerial-level meetings, to assess the infrastructure of the Saudi capital, which is seeking to host the major global event.

Crown Prince Mohammed bin Salman, met in Riyadh on Tuesday the president of the BIE’s Administration and Budget Committee, Patrick Specht, and his accompanying delegation, to review Saudi Arabia’s candidature to organize World Expo 2030 in Riyadh, under the theme “The Era of Change: Together for a Foresighted Tomorrow”.

The delegation also held a number of meetings and dialogue sessions with Saudi ministers, over the course of the week, to learn about the Kingdom’s development plans for the proposed site to host the global exhibition.

“We continue our efforts to develop a sustainable tourism sector, and the development of tourism and promising projects that will make the Kingdom and Riyadh in particular one of the most important tourist destinations in the world, which will contribute to achieving the goal of receiving 100 million tourists by 2030,” Tourism Minister Ahmad All-Khatib said following his meeting with the BIE mission.

For his part, Minister of Economy and Planning, Faisal Al-Ibrahim, pointed to Saudi Arabia’s efforts to diversify its economy and increase the share and contribution of non-oil activities and the private sector to the gross domestic product.

In a statement on Friday, he said: “Riyadh plays a pivotal role in the Kingdom’s economic diversification strategy, given its growing regional status for large multinational companies operating in various strategic sectors.”

Eng. Abdullah Alswaha, Saudi Minister of Communications and Information Technology, drew attention to his country’s aspirations to host Expo 2030 in Riyadh, stressing that it reflected its willingness to assume a leading role on the global stage.

A statement by the BIE said that over the course of five days, members of the Enquiry Mission received detailed presentations of the candidature project, visited the proposed Expo site, and met with officials, as well as representatives of the business community and members of civil society.

In the event that the Kingdom is awarded the Expo 2030 hosting, the global exhibition is scheduled be held from October 2030 to April 2031.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.