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.



Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.