• Saudi Crown Prince Mohammed bin Salman is overseeing the kingdom's Vision 2030 economic reform agenda. Reuters
    Saudi Crown Prince Mohammed bin Salman is overseeing the kingdom's Vision 2030 economic reform agenda. Reuters
  • Riyadh will be ready to welcome 120 million visitors if the Saudi capital is chosen to host Expo 2030, say officials. Bloomberg
    Riyadh will be ready to welcome 120 million visitors if the Saudi capital is chosen to host Expo 2030, say officials. Bloomberg
  • The Saudi capital is competing with Busan, Odesa, and Rome to host the world fair in 2030. Reuters
    The Saudi capital is competing with Busan, Odesa, and Rome to host the world fair in 2030. Reuters
  • Guests arrive at the Grand Palais Ephemere for the Riyadh 2030 reception event to promote the city's candidacy for Expo 2030, in Paris. AFP
    Guests arrive at the Grand Palais Ephemere for the Riyadh 2030 reception event to promote the city's candidacy for Expo 2030, in Paris. AFP
  • Saudi Minister of Tourism Ahmed Al Khateeb with Eva Descarrega, permanent delegate for Andorra to UN cultural agency Unesco.
    Saudi Minister of Tourism Ahmed Al Khateeb with Eva Descarrega, permanent delegate for Andorra to UN cultural agency Unesco.
  • Officials from the Bureau International des Expositions, which oversees the World Expo, with Jerry Inzerillo, chief executive of Diriyah Gate Development Authority, near Riyadh.
    Officials from the Bureau International des Expositions, which oversees the World Expo, with Jerry Inzerillo, chief executive of Diriyah Gate Development Authority, near Riyadh.
  • Saudi Arabia has outlined ambitious plans to develop the capital, including the flagship New Murabba project. SPA
    Saudi Arabia has outlined ambitious plans to develop the capital, including the flagship New Murabba project. SPA
  • The project will cover 19 square kilometres, centred on a large cube-shaped structure, rendered above, known as the Mukaab.
    The project will cover 19 square kilometres, centred on a large cube-shaped structure, rendered above, known as the Mukaab.
  • The New Murabba Development Company's project will include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues.
    The New Murabba Development Company's project will include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues.
  • The historic Al Masmak fort in Riyadh is one of the city's current tourist attractions and home to a museum. Getty
    The historic Al Masmak fort in Riyadh is one of the city's current tourist attractions and home to a museum. Getty
  • Work by Saudi artist Ali Al Ruzaiza projected on Masmak Fort during the Noor Riyadh festival. Photo: Noor Riyadh
    Work by Saudi artist Ali Al Ruzaiza projected on Masmak Fort during the Noor Riyadh festival. Photo: Noor Riyadh
  • Football legend Lionel Messi and his wife Antonela Roccuzzo visiting Diriyah in May. AFP
    Football legend Lionel Messi and his wife Antonela Roccuzzo visiting Diriyah in May. AFP
  • The kingdom recently launched a new carrier, Riyadh Air. Photo: Riyadh Air
    The kingdom recently launched a new carrier, Riyadh Air. Photo: Riyadh Air

Gulf

Riyadh ready to welcome 120 million visitors as Saudis unveil Expo 2030 bid

Officials say city is ready to start preparations immediately with a budget of almost $8 billion

The National

June 20, 2023

  • English
  • Arabic

Riyadh will be ready to welcome 120 million visitors if the Saudi capital is chosen to host Expo 2030, officials said on Tuesday.

The kingdom is “uniquely positioned” to host the event, Foreign Minister Prince Faisal Bin Farhan told the general assembly of the Bureau International Des Expositions – the organisation responsible for the World Expo – at the presentation of Riyadh's bid in Paris.

A vote will be held in November to choose the host country.

“Saudi Arabia is uniquely positioned to serve as a bridge connecting North and South, East and West,” said Prince Faisal, citing the kingdom's regional and global position.

Ibrahim Al Sultan, chairman of the Royal Commission for Riyadh, said the city plans to host more than 120 million people in 2030, if the bid is successful.

Preparations to host the event would be complete by 2028, he added.

“We are ready to move forward immediately,” said Mr Al Sultan.

Saudi Crown Prince Mohammed Bin Salman attended an official reception hosted by the kingdom on Monday, where he greeted officials.

This was attended by high-ranking Saudi and French delegations, including ministers and senior officials, and members of international organisations, such as UN cultural agency Unesco.

Investment Minister Khalid Al Falih said the kingdom hopes to attract up to $3.3 trillion in investments, with a budget of almost $8 billion for Expo 2030.

In March, BIE secretary general Dimitri Kerkentzes said Saudi Arabia had presented a strong case to host World Expo 2030, as the delegation concluded an evaluation visit to Riyadh.

“I wanted to let you know that we have seen a strong project from the very top,” Mr Kerkentzes said at the end of the visit.

Riyadh is up against the Ukrainian Black Sea port of Odesa, Italy's capital Rome and South Korean port city Busan to secure Expo 2030.

The UAE was the first country in the Middle East, Africa, and South Asia region to hold the world's fair when it hosted Expo 2020 Dubai.

The event opened in October 2021 – having been delayed by the pandemic – and attracted more than 24 million visits in its six-month run.

Essentials

The flights

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While you're here

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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6am: Marathon Elites

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9am: 10Km Road Race

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How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

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Updated: June 21, 2023, 1:57 PM
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