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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)
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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.

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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

After the sticker shock during the latter stages of the pandemic, a familiar frustration has settled in towards consumer prices that remain broadly elevated even if they have stopped rising rapidly.

Americans are "ready to open their wallets this holiday season," said the Conference Board ahead of Black Friday -- the day after Thanksgiving, which this year, falls on November 28 -- that traditionally sees US stores kick off the Christmas shopping season with steep discounts.

"US consumers plan to spend more than last year, but inflation reduces how far their dollars can go."

In this environment, nobody expects to pay the full price for items.

"Holiday shoppers are likely to increase their budgets this year versus last year but remain selective and are looking for discounts," said a note from Morgan Stanley.

The investment bank's survey found that 35 percent planned to spend more this holiday season. But nearly two-thirds would skip a purchase if an item is not adequately discounted, meaning a price cut of more than 20 percent.

"It's gonna be a good year, but I don't think that growth is going to be spectacular because consumers are still under pressure," predicted Neil Saunders of GlobalData.

Inflation remains above the Federal Reserve's two percent long-term target, rising in October to 2.6 percent on an annual basis from 2.4 percent in September. But that's significantly below the peak level of 9.1 percent in June 2022.

Other recent economic data has been solid. Unemployment remains low at 4.1 percent, while a preliminary GDP reading for the third quarter came in at 2.8 percent.

But Joe Biden's presidency coincided with about a 20 percent rise in consumer prices as Covid-19 pandemic lockdowns gave way to supply chain bottlenecks.

That inflation played a central role in the 2024 US presidential election, with Republican Donald Trump defeating Biden's appointed Democratic successor, Vice President Kamala Harris.

"There is still a perception among consumers that things are quite difficult," Saunders said. "So people are being quite cautious and careful in their spending."

- Tariff hit? -

How Trump's looming presidency will affect inflation remains to be seen. Industry groups have warned that tariffs favored by the Republican could reignite pricing pressures.

The National Retail Federation projected that a Trump tariff proposal floated during the campaign would dent US consumer budgets by as much as $78 billion annually.

But while tough potential trade actions are already preoccupying Washington trade groups, tariffs are not on consumer radars for the 2024 season, according to Saunders.

One challenge this year will be the shortness of the season.

Black Friday falls at the latest possible date on November 29, shortening the stretch between Turkey Day and Christmas on December 25.

But the impact of that dynamic on 2024 sales should not be overstated. Retailers in recent years have pulled the holiday shopping season ahead, with some vendors launching online "Black Friday" promotions as early as October.

Among the companies that have already begun discounts: the big-box chains Walmart and Target, electronics giant Best Buy and home-improvement retailer Home Depot.

Amazon officially launched "Black Friday Week" on Thursday.

NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period.

Economists with the trade group have pointed to an easing of gasoline prices as a supportive factor.

Online sales are projected to grow as much as nine percent this season, extending a long-term trend. Black Friday itself has become a big occasion for online shopping, along with "Cyber Monday" three days later.

"Over time, we've moved from a period where it was just Black Friday, and maybe a little of the weekend, to it being a period of discounting that starts very early," said Saunders. "It's seasonal discounts."

There has been a diminishment of "doorbuster" sales that are known to draw hordes of waiting crowds, sometimes resulting in injury or worse.

Instead, increasing numbers of consumers are spreading out their purchases or opting to click through Black Friday promotions at home.