Saudi capital Riyadh to host World Expo 2030

Update The Saudi capital was picked by a majority of 119 out of 165 votes by the member states of the Paris-based Bureau International des Expositions. Supplied
The Saudi capital was picked by a majority of 119 out of 165 votes by the member states of the Paris-based Bureau International des Expositions. Supplied
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Updated 30 November 2023
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Saudi capital Riyadh to host World Expo 2030

Saudi capital Riyadh to host World Expo 2030
  • City was confirmed as the successor host to Osaka in 2025
  • Event expected to represent culmination of Vision 2030 and showcase Kingdom’s achievements

PARIS: Riyadh will host the World Expo 2030 after defeating challenges from South Korea and Italy for the prestigious event.
The Saudi capital was picked by a majority of 119 out of 165 votes by the member states of the Paris-based Bureau International des Expositions.
The secret ballot was carried out using electronic voting, and Riyadh was confirmed as the successor host to Osaka in 2025.

 

During the BIE event in the French capital, candidates presented their final Expo progress reports to member states and government-appointed delegates in an 11th-hour attempt to win votes.
The event is expected to represent the culmination of Vision 2030 and showcase the Kingdom’s achievements, with a particular focus on hospitality, tourism, and culture.
Saudi Crown Prince Mohammed bin Salman used a visit to Paris in June to showcase the Kingdom’s bid for the Expo, attending an exhibition held by the Royal Commission for the City of Riyadh that showcased Saudi Arabia’s rich heritage and cultural depth.
The bid began to draw support from high-profile French backers, with influential French senator Natalie Goulet saying that holding the expo in the Saudi capital would be “the culmination of Vision 2030.”
Saudi Foreign Minister Prince Faisal bin Farhan said: “I would like to thank the 130 countries that have already announced their support for the Kingdom’s bid. Distinguished dignitaries, you have all acted as indispensable partners providing insight, feedback, and support throughout the Kingdom’s campaign.”
He reaffirmed Saudi Arabia’s “unwavering commitment to collaborate with all nations to deliver an Expo built by the world for the world and to find new pathways for collective action and collaboration.”
The foreign minister said the Kingdom will “provide facilities packages of $348 million to a pool of 100 eligible countries.”
Arab News backed the Expo bid through a #WhyRiyadh campaign launched on Sept. 23 – the Saudi National Day.

 

Public figures from across various industries backed the campaign, including Saudi Minister of State for Foreign Affairs Adel Al-Jubair, Riyadh Mayor Prince Faisal bin Abdulaziz bin Ayyaf, and Frédéric Bedin, president of public relations agency Hopscotch.
Other high-profile supporters included the secretary-general of Alwaleed Philanthropy and UN Human Settlements Program’s Goodwill Ambassador, Princess Lamia bint Majed, the vice president of the Saudi Arabia Boxing Federation Rasha Al-Khamism, and Rob Sobhani, adjunct professor at Georgetown University.
Nonetheless, the campaign had started earlier, with the announcement of Paris’s support of Riyadh Expo 2030, reiterated during the crown prince’s visit to the French capital in June 2023, and his participation in the first Summit for Financial pact.
Commenting on the achievement, Princess Haifa Al-Mogrin, the Kingdom’s ambassador to UNESCO, said: “Riyadh Expo 2030 will be a global platform that accelerates progress, toward the most urgent challenges, health and education, climate and the environment, trade and investment, peace and prosperity for all.”
Why Riyadh? The city’s vibrant energy, with several megaprojects in progress, is placing sustainability and quality of life at the heart of every discussion.

The Expo 2030 location addresses these themes and is set to offer sustainable solutions for the cities of tomorrow, including clean mobility and renewable energy.
Creating green neighborhoods, with the key enablers being water and trees while reinstating the red sands desert that Riyadh is famous for, is an important example of how to build the “city of the future” while preserving heritage.
Saudi Arabia is raising the sustainability bar through its Green Riyadh Program, but it also aims to create connections, encourage people to use public transport, and increase the percentage of green space to improve air quality.

 

The program also seeks to increase green coverage from 1.5 percent to 9.1 percent, enhancing quality of life by creating open areas to improve public health, reduce energy consumption, and ultimately make Riyadh one of the 100 best livable cities in the world.
Seventy percent of the Saudi population is under the age of 30, and with a qualified labor force across industries fueling the race to 2030, there is excitement, energy, and enthusiasm in the first Arab capital to host the world event.
“Diriyah will be very famous by 2030, the city of Riyadh will be unrecognizable,” Jerry Inzerillo, CEO of the Diriyah Group, told Arab News during an event leading up to the Expo 2030 announcement.
“What Singapore did in 60 years, what the Emiratis did just in tourism in 30 years, the crown prince wants to accomplish that in 15 years,” he added.
In a symposium held in Paris earlier in November, the Royal Commission’s directors of landscape architecture, Lamia Al-Muhanna, and Nouf Al-Moneef, unveiled a color-coded map with planned pavilions, performance venues, support facilities, and an exhibition village.
Princess Haifa bint Mohammed Al-Saud, Saudi Arabia’s deputy minister of tourism, used the event to say: “Choosing Saudi, choosing Riyadh, is choosing the world.”

Delivering Expo 2030 will mean massive infrastructure developments in the Saudi capital, including an increase in hotel capacity by 70,000 new rooms.
The venue will be accessible via a newly developed metro linking Expo City to a reconstructed King Salman Airport, set to be one of the largest aviation hubs in the world at 57 million sq. meters.
The Kingdom’s new airline, Riyadh Air, will further increase the capital’s accessibility, with flights to 100 countries by 2025.
“As host, we will create a world-class site expo to enable you to build pavilions and experiences in a way that matches your national priorities and aspirations,” said Ghida Al-Shibl, a member of the Riyadh Expo 2030 team.
She said: “By Feb 2028, participant parcel and expo village will be open. We will fast-track all necessary requirements including imports, visas, and regulations.”
Al-Shibl said the Kingdom will launch a participant lab in 2025 that will run through 2030 as a 24/7 concierge service to support “your move, and a variety of housing options for teams and families, in addition to access to excellent healthcare and education and banking services.”


Saudi Arabia’s pharma, medical device factories surge to 206 with $2.6bn investments

Saudi Arabia’s pharma, medical device factories surge to 206 with $2.6bn investments
Updated 26 August 2024
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Saudi Arabia’s pharma, medical device factories surge to 206 with $2.6bn investments

Saudi Arabia’s pharma, medical device factories surge to 206 with $2.6bn investments

RIYADH: The number of pharmaceutical and medical device factories in Saudi Arabia has reached 206, with investments totaling SR10 billion ($2.6 billion), according to official data.

The Ministry of Industry and Mineral Resources reported that this growth includes 56 pharmaceutical factories licensed by the Saudi Food and Drug Authority, with investments in the pharmaceutical sector alone exceeding SR7 billion.

The medical device sector in Saudi Arabia has seen notable advancements. Globally, this market is valued at $500 billion, with Saudi Arabia's share estimated at $6.6 billion.

The Kingdom now boasts 150 licensed medical device factories, representing a 200 percent increase since 2018. Investments in this sector have reached SR3.1 billion, with notable achievements including the production of advanced respiratory devices, insulin syringes, and specialized surgical instruments.

This expansion aligns with the ministry’s broader efforts to localize the pharmaceutical industry and reduce reliance on imports.

Globally, the pharmaceutical market is valued at approximately $1.1 trillion, with the Middle East and Africa accounting for $31 billion of this total.

Saudi Arabia, the largest pharmaceutical market in the region, holds a $10 billion share, representing 32 percent of the market.

Between 2019 and 2023, the Saudi pharmaceutical market grew by 25 percent, rising from $8 billion to $10 billion annually.

This growth highlights a successful push toward localization, with the Kingdom reducing its dependence on pharmaceutical imports from 80 percent in 2019 to 70 percent by 2023.

In June 2022, the ministry announced over SR11 billion in new investment opportunities in the vaccine and biopharmaceutical sectors, aligning with the Kingdom’s strategic goals of enhancing health security and establishing Saudi Arabia as a hub for pharmaceutical and biopharmaceutical production.

Government initiatives, such as the “Made in Saudi” program, have also been instrumental in this expansion by promoting local products on international platforms.

The ministry has focused on enhancing value chains by fostering collaborations in research and development and securing essential raw materials locally.

The Kingdom aims to localize 80-90 percent of its government procurement needs for insulin and vaccines while also attracting foreign investments in the pharmaceutical and healthcare sectors.

Saudi Arabia’s industrial sector demonstrated notable resilience during the COVID-19 pandemic. The ministry quickly ramped up domestic production capacity for essential medical supplies, increasing the daily output of medical masks from 450,000 to 3 million.

In just three months, the number of hand sanitizer factories grew from 12 to 70. These efforts highlight the Kingdom's ability to respond effectively to global supply chain disruptions and further solidify its growing prominence in the pharmaceutical and medical device industries.


Closing Bell: TASI edges down to close at 12,261 

Closing Bell: TASI edges down to close at 12,261 
Updated 26 August 2024
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Closing Bell: TASI edges down to close at 12,261 

Closing Bell: TASI edges down to close at 12,261 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,261.18 points on Monday, losing 1.46 points, or 0.01 percent.     

MSCI Tadawul 30 Index lost 0.40 points or 0.03 percent to finish at 1,536.44.     

The parallel market, Nomu, also fell 256.47 points, or 0.96 percent, to conclude the day at 26,433.91.     

The main index posted a trading value of SR9 billion ($2.4 billion), with 85 stocks advancing and 137 declining. On the other hand, Nomu has 26 gainers and 40 losers, reporting a trade volume of SR35.9 million.      

Al-Baha Investment and Development Co. was the top performer on TASI as its share price surged 8.33 percent to SR0.13. Saudi Real Estate Co. also jumped 6.33 percent to SR22.86.     

Saudi Pharmaceutical Industries and Medical Appliances Corp. was also among the top gainers, climbing 4.99 percent to SR33.65. Al-Omran Industrial Trading Co. and Saudi Research and Media Group rose 4.49 percent and 3.48 percent to SR40.75 and SR261.40, respectively.    

Savola Group was the day’s worst performer, with its share price dipping 5.01 percent to SR25.60.   

Wafrah for Industry and Development Co. and Herfy Food Services Co. also performed poorly with their stocks dropping by 3.62 percent and 2.90 percent, to close at SR41.25 and SR26.80, respectively.   

Saudi Automotive Services Co. and Kingdom Holding Co. were also among the worst performers.   

Savola Group’s share price drop followed shareholder approval of a board recommendation to increase the company’s capital through a rights issue aimed at strengthening its financial position and supporting future investments.   

The capital increase will involve offering 600 million ordinary shares at SR10 per share, raising a total of SR6 billion. This move will more than double Savola’s capital from SR5.34 billion to SR11.34 billion, enabling the company to pay off debts and distribute shares in Almarai Co. to eligible shareholders.  

The rights issue will be available to shareholders registered at the close of trading on the day of the extraordinary general assembly meeting, with eligibility being finalized two days later.

This capital increase will result in a 112.36 percent rise in the company’s share count, expanding from 533.98 million shares to 1.13 billion shares. 

In a separate bourse filing, Rawasi Albina Investment Co. reported a SR9.4 million loss for the first half of the year. The company’s net profit saw a significant drop from SR15.1 million in the same period last year, primarily due to increased spending on project implementation and operational capacity. Revenue also decreased by 59.5 percent year on year to SR38 million, down from SR94.2 million. 

Mohammed Hasan AlNaqool Sons Co. also announced its financial results for the same period, witnessing a 55.7 percent growth in revenue.   

The company’s sales reached SR29,233 in the first half of the year, up from SR18,770 in the same period last year. This was mainly attributed to an increase in revenue from subsidiaries.   

Net profit also increased to SR1,201, up from a loss of SR652 last year. 


Qatar strikes another 15-year LNG supply deal with Kuwait 

Qatar strikes another 15-year LNG supply deal with Kuwait 
Updated 26 August 2024
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Qatar strikes another 15-year LNG supply deal with Kuwait 

Qatar strikes another 15-year LNG supply deal with Kuwait 
  • Deliveries will start in January 2025
  • Kuwait imports the fuel to help meet rising demand for power generation

KUWAIT: Qatar agreed on Monday to supply Kuwait with 3 million tonnes per annum of liquefied natural gas for 15 years, the second such deal since 2020 as Kuwait imports the fuel to help meet rising demand for power generation. 

The chief executives of state-owned QatarEnergy and Kuwait Petroleum Corp. signed the long-term sales and purchase agreement for LNG in Kuwait. Deliveries will start in January 2025, KPC CEO Sheikh Nawaf Al-Sabah said. 

Reuters reported last week that QatarEnergy and KPC were in talks for the deal. 

Kuwait, an OPEC member and a major oil producer, has been boosting its reliance on imported gas to meet power demand, especially in the summer when consumption by air conditioning systems rises sharply. KPC also aims to ramp up its own gas output as part of a strategy that targets higher oil production capacity too. 

Last week, Kuwait faced a second round of scheduled power outages this summer due to a lapse in local gas supply, despite officials indicating there would be no more cuts after the first round in June. Summer temperatures regularly soar above 50 degrees Celsius or 122 degrees Fahrenheit. 

The deal will play “a pivotal role in electricity generation in Kuwait,” Sheikh Nawaf said. 

He declined to disclose the deal’s value, saying it was confidential. 

Qatar this year announced a further expansion of its North Field project that will cement it as one of the world’s top LNG exporters. The project will boost the North Field’s LNG output to 142 mtpa from 77 mtpa by 2030. 

The LNG from the new supply deal for Kuwait could be partly from the North Field expansion project and partly from Qatar’s existing output, said QatarEnergy CEO Saad Al-Kaabi, who is also Qatar’s state minister for energy. It will be delivered to Kuwait’s Al Zour port. 

Kuwait and Qatar agreed in 2020 a 15-year deal for the supply of 3 mtpa of LNG from 2022, which will overlap with the new deal. 


Saudi Arabia, Ethiopia form business council to boost economic ties

Saudi Arabia, Ethiopia form business council to boost economic ties
Updated 26 August 2024
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Saudi Arabia, Ethiopia form business council to boost economic ties

Saudi Arabia, Ethiopia form business council to boost economic ties
  • Saudi-Ethiopian Business Council aims to enhance bilateral trade and investment opportunities
  • Council is expected to serve as a pivotal platform for supporting Saudi exports and targeting key sectors in Ethiopia

JEDDAH: Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced. 

The Saudi-Ethiopian Business Council, recently approved by the General Authority for Foreign Trade, aims to enhance trade and investment opportunities between the two nations.

Abdullah bin Mohammed Al-Ajmi will lead the council as president, with Omar bin Abdullah Al-Kharashi and Misfer bin Musaad Al-Shahrani serving as vice presidents, according to the Saudi Press Agency. 

The formation of the council aligns with Saudi Arabia’s strategy to deepen economic relations with Africa, particularly with Ethiopia, which is one of the continent’s largest economies with a gross domestic product of approximately $205 billion in 2022.

Despite the substantial economic potential, trade between Saudi Arabia and Ethiopia remains below SR1.3 billion ($346 million). Al-Ajmi emphasized that the council is poised to capitalize on this untapped potential by fostering stronger business partnerships between the two countries.

The council is expected to serve as a pivotal platform for supporting Saudi exports and targeting key sectors in Ethiopia. Al-Ajmi highlighted Ethiopia’s attractive investment environment and its strategic role as a trade hub for Central Africa. 

He noted that the council will focus on promising sectors such as agriculture, mining, petrochemicals, food industries, tourism, real estate, and construction.

The creation of the council follows an agreement announced nearly three months ago during the Saudi-Ethiopian Business Forum, held on June 5 in Addis Ababa. 

The ceremony was attended by Hassan bin Moejeb Al-Huwaizy, chairman of the Federation of Saudi Chambers, along with over 250 investors and several Ethiopian ministers, officials, and representatives from both the public and private sectors.

Al-Huwaizy described the establishment of the council as the result of ongoing efforts and a shared commitment to enhancing economic cooperation. 

He underscored that the council will provide a vital platform for Saudi and Ethiopian businesspeople to expand their activities and forge new partnerships, driving mutual growth and investment.

As both countries look to the future, the new business council is set to play a crucial role in unlocking significant economic opportunities, fostering bilateral trade, and creating a more integrated economic landscape between Saudi Arabia and Ethiopia.


PIF’s Savvy Games Group partners with Xsolla to launch gaming hub in Riyadh

PIF’s Savvy Games Group partners with Xsolla to launch gaming hub in Riyadh
Updated 26 August 2024
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PIF’s Savvy Games Group partners with Xsolla to launch gaming hub in Riyadh

PIF’s Savvy Games Group partners with Xsolla to launch gaming hub in Riyadh
  • Partnership aims to generate 3,600 video game industry jobs in the Kingdom by 2030
  • Xsolla will establish a regional headquarters in Riyadh

RIYADH: Public Investment Fund-owned Savvy Games Group has signed a memorandum of understanding with international gaming commerce firm Xsolla to establish an interactive entertainment hub in Riyadh.

Focusing on job creation, game development, and publishing, the partnership aims to generate 3,600 video game industry jobs in Saudi Arabia by 2030. This initiative supports the Kingdom’s Vision 2030 and is expected to create both regional and global economic opportunities for developers.

As part of the agreement, Xsolla will establish a regional headquarters in Riyadh, providing product development, technology, customer support, and business development services to help developers and publishers scale their projects in the Middle East.

The collaboration will also launch key initiatives, including the Xsolla Game Development Academy, Incubator, and Accelerator programs. These initiatives are designed to nurture talent, support both local and international game development studios, and position Saudi Arabia as a global hub for the industry.

“This partnership with Xsolla represents a significant step forward in our mission to elevate Saudi Arabia’s games and esports ecosystem to global prominence,” said  Savvy Games Group CEO Brian Ward. 

“By combining our resources and expertise, we are creating jobs and building a vibrant, sustainable industry that will drive opportunity and creativity for years to come,” Ward added. 

The partnership will also focus on hosting industry-leading gaming events, funding development projects, and connecting local studios with international investors.

This collaboration comes in the wake of Saudi Arabia’s recent esports boom, exemplified by the nation’s first Esports World Cup, which boasted a record-breaking prize pool of $62.5 million.

It aligns with the Kingdom’s National Gaming and Esports Strategy, which aims to create jobs and contribute $13 billion to the country’s gross domestic product.

“We are excited to collaborate with Savvy Games Group on this groundbreaking initiative. Our shared vision for the future of video games aligns perfectly, and together, we aim to empower developers, foster creativity, and support the next generation of talent in Saudi Arabia,” said Chris Hewish, chief strategy officer at Xsolla. 

Savvy Games Group has also announced a separate MoU with Niantic Inc., a global leader in augmented reality and location-based games. 

Savvy will support Niantic’s expansion into the MENA region, specifically Saudi Arabia, the UAE, and Egypt. 

This collaboration focuses on inspiring people to play together with their communities through live events and localized content in the region. 

Savvy will also assist Niantic with establishing regional operations, including recruiting local talent and setting up office space, to accelerate Niantic’s growth and increase engagement among mobile gamers in the Middle East. 

“Our partnership with Savvy Games Group will significantly enhance our reach in this vibrant region and support our growing community of players,” said John Hanke, founder and CEO of Niantic. 

Through these partnerships, Saudi Arabia is positioning itself as a key player in the global gaming and esports industries, fostering innovation and driving economic growth.