Saudi Arabia Promises to Host 'Best Expo in History'

 Prince Faisal bin Farhan and Princess Rima bint Bandar, in Paris on Tuesday (AP)
 Prince Faisal bin Farhan and Princess Rima bint Bandar, in Paris on Tuesday (AP)
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Saudi Arabia Promises to Host 'Best Expo in History'

 Prince Faisal bin Farhan and Princess Rima bint Bandar, in Paris on Tuesday (AP)
 Prince Faisal bin Farhan and Princess Rima bint Bandar, in Paris on Tuesday (AP)

Representatives of the 170 member-states of the Bureau International des Expositions (BIE) gathered in Paris on Tuesday for the announcement of the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for World Expo 2030.

The member-states voted to retain the three projects that were considered by the Executive Committee of the BIE to be viable and in line with BIE regulations. Those included Saudi Arabia, Italy and South Korea.

The Saudi Arabian delegation, led by the Foreign Minister Prince Faisal bin Farhan, presented a dynamic plan and philosophy for Saudi Arabia’s ambition to host the Expo 2030, under the theme “The Era of Change: Together for a Foresighted Tomorrow”.

The team included the CEO of the Royal Commission for Riyadh City, Ibrahim Al-Sultan, the Director of Landscape Architecture, Lamia al-Muhanna, Senior Director of Creative Arts, Architect Nouf al-Moneef, Minister of Investment Khalid al-Falih, and the Kingdom’s Ambassador to the US, Princess Reema Bandar Al-Saud.

Speaking on the occasion, Foreign Minister Prince Faisal bin Farhan expressed gratitude to the General Assembly president and the BIE Secretariat for their dedicated efforts.

Emphasizing the Kingdom’s unique global position, which connects north to south and east to west, Bin Farhan linked Saudi Arabia’s Expo 2030 bid to Vision 2030 and expressed the country’s ambition to create a prosperous and sustainable future.

He also announced that Saudi Arabia offered a $343 million facilities package designed to assist 100 eligible countries in areas like pavilion construction, maintenance technologies, travel events, and more.

For his part, Ibrahim Al-Sultan, CEO of the Royal Commission for Riyadh City, stressed Saudi Arabia’s capabilities to fulfill its commitments, noting that Riyadh planned to host 120 million visitors in 2030.

He also expressed confidence in Riyadh’s ability to deliver an “unprecedented world expo”.

In his speech, the minister of Investment noted that the investment opportunities within the framework of Expo 2030 would be excellent and integrated with the investment climate in Saudi Arabia.

Princess Rima bint Bandar said that her country was “committed to holding the best version in history of a world exhibition,” pointing to the Kingdom’s tourism, natural, cultural, historical and human capabilities.

The Saudi delegation did not forget to remind of the major ongoing projects in the Kingdom, including NEOM, Qiddiya, Misk City, the Red Sea projects, and the Cube.

On Monday evening, the Royal Commission for Riyadh City hosted a celebration at the Grand Palais Ephémère, in the heart of Paris, in the presence of Crown Prince Mohammed bin Salman.

The event provided an opportunity to present the Kingdom’s plan, and to share its story of the unprecedented national transformation.

On this occasion, Prince Mohammed bin Salman met with the Secretary-General of the BIE, Dimitri Kerkentzes, with whom he reviewed the Kingdom’s bid to host Expo 2030. The meeting was attended by Prince Faisal bin Farhan, Ibrahim Al-Sultan, and the Kingdom’s Ambassador to France, Fahd Al-Ruwaili.

A member of the French delegation, which participated in the BIE General Assembly, told Asharq Al-Awsat that the Saudi presentation was “unique”, adding that Riyadh “deserves to host the exhibition.”

During the 173rd General Assembly of the BIE in November 2023, the member-states will elect the host country of World Expo 2030 via secret ballot on the principle of one country, one vote.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.