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Major Projects Confirm Riyadh’s Ability to Organize Exceptional Expo 2030

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
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Major Projects Confirm Riyadh’s Ability to Organize Exceptional Expo 2030

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)

The General Assembly of the International Bureau of Exhibitions (BIE) is preparing to choose the country which will host Expo 2030, as the representatives of 182 member states of the (BIE) will cast their ballots on Tuesday, to determine whether Riyadh, Busan or Rome will organize the international event.

Saudi Arabia’s giant projects have confirmed the country’s ability to organize an exceptional exhibition, making Riyadh one of the top 10 cities in the world in 2030.

The Kingdom has seen an unprecedented rise in the number of tourists, according to the World Tourism Organization (WTO), ranking second worldwide in the increase of international tourists in the first quarter of 2023, and the highest quarterly performance with a growth rate of 64 percent, during which it received about 7.8 million tourists.

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28, in conjunction with Saudi Arabia’s participation in the 173rd General Assembly meeting.

The majority of participants have agreed in their discussions that the major Saudi projects, which are displayed at the event, prove the city’s ability to organize “an exceptional and unprecedented version that contributes to anticipating the future,” as previously announced by Prince Mohammed bin Salman, Crown Prince and Prime Minister.

Those projects include the King Salman Park and the Sports Track, the largest longitudinal park in the world, the New Square, as well as one of the world’s largest urban afforestation projects, known as Green Riyadh.

In addition to its future projects, the Saudi capital also presents a model of a city with a rich history, with developmental transformations and comprehensive renaissance.

The Diriyah Gate Development Authority introduces the city as the first historical Saudi capital, where culture, beauty, nature and art, make it an exceptional world destination for enthusiasts of history and culture.

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Business

Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
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Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar

Kuwait Ports Authority (KPA) said on Monday it had signed a memorandum of understanding with Abu Dhabi Ports Group to develop and operate the container terminal at Kuwait’s Shuaiba port under a concession agreement.

Shuaiba port, established in the 1960s, is Kuwait’s oldest port. It covers a total area of 2.2 million square metres (543.63 acres) and has 20 berths, while the container terminal has a storage area of 318,000 sqare metres, according to KPA’s website.

The port, located about 60 km (37.3 miles) south of the capital, handles commercial cargo, heavy equipment, raw materials and chemicals essential to various industries.

The MoU represents “the first preliminary step” toward concluding a concession contract, subject to the completion of required studies, KPA said in a statement without disclosing the value of the deal, Reuters reported.

Under the agreement, Abu Dhabi Ports Group will prepare the technical, environmental and financial studies needed for the project, including infrastructure requirements.

Business

Iran’s Rial Currency Plummets to New Low, Sparking Fears of Higher Food Prices

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
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Iran’s Rial Currency Plummets to New Low, Sparking Fears of Higher Food Prices

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

Iran’s rial slid further Monday to a new record low of more than 1.3 million to the US dollar, deepening the currency’s collapse less than two weeks after it first breached the 1.2-million mark amid sanctions pressure and regional tensions.

Currency traders in Tehran quoted the dollar above 1.3 million rials, underscoring the speed of the decline since Dec. 3, when the rial hit what was then a historic low.

The rapid depreciation is compounding inflationary pressures, pushing up prices for food and other daily necessities and further straining household budgets, a trend that could be intensified by a gasoline price change introduced in recent days.

Iran on Saturday added a third gasoline price tier, raising the cost of full bought beyond monthly quotes at 50,000 rials (4 US cents). It is the first major adjustment to fuel pricing since a price hike in 2019 that sparked nationwide protests and a crackdown that reportedly killed over 300 people.

Under the revised system, motorists continue to receive 60 liters a month at the subsidized rate of 15,000 rials per liter and another 100 liters at 30,000 rials, but any additional purchases now cost more than three times the original subsidized price. While gasoline in Iran remains among the cheapest in the world, economists warn the change could feed inflation at a time when the rapidly weakening rial is already pushing up the cost of food and other basic goods.

The fall comes as efforts to revive negotiations between Washington and Tehran over Iran’s nuclear program appear stalled, while uncertainty persists over the risk of renewed conflict following June’s 12-day war involving Iran and Israel. Many Iranians also fear the possibility of a broader confrontation that could draw in the United States, adding to market anxiety.

Iran’s economy has been battered for years by international sanctions, particularly after Donald Trump unilaterally withdrew the United States from Tehran’s nuclear deal with world powers in 2018. At the time the 2015 accord was implemented — which sharply curtailed Iran’s uranium enrichment and stockpiles in exchange for sanctions relief — the rial traded at about 32,000 to the dollar.

After Trump returned to the White House for a second term in January, his administration revived a “maximum pressure” campaign, expanding sanctions that target Iran’s financial sector and energy exports. Washington has again pursued firms involved in trading Iranian crude oil, including discounted sales to buyers in China, according to US statements.

Further pressure followed in late September, when the United Nations reimposed nuclear-related sanctions on Iran through what diplomats described as the “snapback” mechanism. Those measures once again froze Iranian assets abroad, halted arms transactions with Tehran and imposed penalties tied to Iran’s ballistic missile program.

Economists warn that the rial’s accelerating decline risks feeding a vicious cycle of higher prices and reduced purchasing power, particularly for staples such as meat and rice that are central to Iranian diets. For many Iranians, the latest record low reinforces concerns that relief remains distant as diplomacy falters and sanctions tighten.

Business

Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025
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Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated the third Made in Saudi Expo 2025 at the Riyadh International Convention and Exhibition Center in Malham, organized by the Saudi Export Development Authority through the Made in Saudi Program, with Syria’s Minister of Economy and Industry Dr. Mohammad Nidal al-Shaar in attendance.

The Syrian Arab Republic has been invited as the Guest of Honor at the exhibition, which has attracted strong participation from public and private sector organizations, as well as leading national manufacturers and industry leaders, SPA reported.

In his opening remarks, Alkhorayef emphasized that the exhibition serves as a key platform for showcasing advancements in Saudi industry, the quality of its products, and their competitiveness in local and international markets. He added that it is also an important venue for establishing strategic partnerships that support the growth of national industries.

He pointed out that the Made in Saudi Program, launched in 2021 under the esteemed patronage of HRH the Crown Prince, reflects the Kingdom's ambition to become a leading industrial power. Achieving this goal involves building consumer trust in its products and services in both domestic and global markets by nurturing local talent and innovation, promoting national products, and strengthening companies’ capabilities to expand internationally.

He also highlighted that Saudi non-oil exports have achieved remarkable success, reaching SAR515 billion in 2024, with historic results in the first half of 2025, demonstrating the highest half-year value of SAR307 billion. These figures underscore the industry’s vital role in diversifying the national economy in line with the objectives of Saudi Vision 2030.

The opening ceremony also welcomed the Syrian Arab Republic as this year’s Guest of Honor, highlighting the participation of more than 25 Syrian companies to present opportunities for industrial cooperation and integration, reflecting the strong fraternal ties between the two nations.

Alongside the exhibition, over 25 workshops are being conducted, while more than 50 memoranda of understanding are set to be signed.