Senior Saudi Officials Chart Technical Plans for Expo 2030

Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
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Senior Saudi Officials Chart Technical Plans for Expo 2030

Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)
Observers said Vision 2030 illustrates how countries can support transformation and proactively anticipate structural changes based on a long-term vision. (Asharq Al-Awsat)

No sooner had Saudi Crown Prince Mohammed bin Salman announced in October 2021 Riyadh’s bid to host Expo 2030 that preparations for the nomination began with great momentum and enthusiasm.

All relevant government entities in the country participated and supported the effort, making the bid a central focus in the Kingdom.

Crown Prince Mohammed had emphasized that Expo 2030 would coincide with the fulfillment of Saudi Vision 2030, presenting an exceptional opportunity to showcase the achievements of the vision and share valuable lessons from this transformation journey.

He highlighted the competitive advantages boasted by Riyadh, as it stands as the “largest purchasing power in the Middle East” and possesses outstanding infrastructure.

Additionally, Riyadh is a cornerstone of economic growth in Saudi Arabia due to its immense size and economic influence.

The Royal Commission for Riyadh City, which is responsible for the comprehensive development of the Saudi capital, is also the government entity leading local efforts to host Expo 2030.

The Commission follows an administrative and technical governance approach that allows it to be responsible for all efforts aimed at achieving urban development in Riyadh.

The capital is paving its way to becoming one of the top 10 cities in the world in terms of urban economy, as affirmed by the CEO of the Commission during the presentation of Riyadh’s bid to host Expo 2030 before the General Assembly of the Bureau International des Expositions in Paris on Tuesday.

“We are ready to start working immediately upon our selection, and by February 2028, all preparations in Saudi Arabia will be completed to host Expo 2030,” said Ibrahim Al-Sultan, acting CEO of the Royal Commission for Riyadh City.

“We are confident in our ability to hold an unprecedented world exhibition,” he stressed.

The strategy behind Saudi government agencies for the Expo 2030 project is embodied in the royal decree issued on December 25, 2021, on establishing a steering committee for Expo 2030 to oversee the city’s nomination.

This decree was followed by a directive on March 7, 2022, granting the committee an official status under the name of the “Technical Preparations Committee.”

Informed sources revealed to Asharq Al-Awsat that the Committee is headed by Al-Sultan.

The committee includes several senior government officials in Saudi Arabia, namely Ahmed Al-Khateeb, Minister of Tourism; Mohammed Al-Jadaan, Minister of Finance; Faisal Al-Ibrahim, Minister of Economy and Planning; Mohammed Al-Tuwaijri, former Minister of Economy and Planning and Advisor to the Royal Court; Fahad Toonsi, Advisor to the Royal Court; and Hamed Fayez, Deputy Minister of Culture.

Additionally, it includes Fahad Al-Ruwaily, the Saudi Ambassador to France, and Fahd Hamidaddin, the CEO of the Saudi Tourism Authority.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.