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Expo 2020 Unveils Key Pavilion in Dubai

Energy trees are seen next to a camel sculpture at Terra, The Sustainability Pavilion during a media tour at the Dubai World Expo site in Dubai, UAE, Jan. 16, 2021. (AP)
Energy trees are seen next to a camel sculpture at Terra, The Sustainability Pavilion during a media tour at the Dubai World Expo site in Dubai, UAE, Jan. 16, 2021. (AP)
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Expo 2020 Unveils Key Pavilion in Dubai

Energy trees are seen next to a camel sculpture at Terra, The Sustainability Pavilion during a media tour at the Dubai World Expo site in Dubai, UAE, Jan. 16, 2021. (AP)
Energy trees are seen next to a camel sculpture at Terra, The Sustainability Pavilion during a media tour at the Dubai World Expo site in Dubai, UAE, Jan. 16, 2021. (AP)

Dubai on Saturday unveiled the signature pavilion for the upcoming Expo 2020, the world's fair that is scheduled to open later this year even as the global pandemic that forced its postponement continues to rage.

The Terra Pavilion, which features a towering 130 meter-wide (426 feet) canopy blanketed with thousands of solar panels, is part of the sheikhdom's push to rally enthusiasm for the high-stakes expo amid the pandemic that has dealt a blow to its economy. The massive structure, devoted to environmental sustainability, rises from the fairgrounds on the desert outskirts of Dubai, where construction workers still scurry around national pavilions in various stages of completion.

Dubai’s Expo 2020 is expected to draw 25 million visitors and a flurry of business deals. The event represents a $7 billion bet by the city in the United Arab Emirates to boost international tourism and investment. The yearlong delay puts even more pressure on the event to spur Dubai’s service-heavy economy, which was sputtering before the pandemic thanks to a shaky real estate market.

The Terra Pavilion, which cost over $272 million, is designed to produce as much electricity as it uses, making it both energy and carbon neutral. It will supply and treat all of its own water, capturing rain in a vast underground cistern.

The 25,000 square-meter pavilion boasts immersive experiences of forests and oceans as well as interactive exhibits guiding visitors through the history of environmental decline and dangers of overconsumption. The vast eruption of climate-controlled steel and glass teems with butterflies, lizards and insects. Thick clumps of reeds lining the building filter air conditioning wastewater for reuse.

“The theme of thinking about the future, thinking about changing our attitudes and being aware about environmental challenges is our number one concern," said Mohamed al-Ansaari, vice president of communications at Expo 2020.

He noted that 85% of the site's trash will be diverted from landfills and 80% of new buildings will live on after the event as educational centers, residential buildings or offices. The other 20% of the structures belong to individual countries that may decide whether to raze, abandon or recycle their pavilions.

The Terra Pavilion aims to draw 3,000-5,000 people a day starting next week, said its director John Bull, when it will open its doors with great fanfare even as the coronavirus pandemic surges to unprecedented heights in the UAE. Virus countermeasures like thermal checks, social-distancing squares and loads of hand sanitizer aim to ensure safety.

As for the fair's opening in October 2021, organizers have voiced nothing but optimism for Expo Dubai to become one of the first places where the world can reunite after defeating the pandemic with mass vaccination.

“After months of isolation and uncertainty, this event will be the opportunity to showcase and motivate solidarity on the human level,” declared Reem Ebrahim al-Ashimy, the Expo’s director general and the Emirati minister of state for international cooperation.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.