Invest GCC 2024 January Issue 2

Riyadh Expo 2030

annual growth rate. The establishment of Riyadh Air is expected to enhance connectivity and tourism infrastructure. The event is projected to create a surge in job opportunities, akin to the job creation experienced by Dubai during Expo 2020. The impact on the jobs market is expected to become clearer gradually from 2024 onwards. The first in the Arab world, the Expo 2020 Dubai helped more than 76% of companies in the UAE to boost growth during its six-month run, a survey by the Dubai Chamber of Commerce found. While 73.5% of businesses entered into new partnerships during the mega trade fair, nearly 71% of respondents leveraged the networking and business matching services provided by the chamber during the event, the report said. The study, carried out in collaboration with Oxford Business Group, surveyed 287,000 companies in Dubai operating in various economic sectors. Expo 2020 Dubai recorded more than 24 million visits in its six months and one in every three visitors was from overseas, with people coming from 178 countries. Expo 2020 Dubai supported business growth in the tourism and hospitality sectors in the emirate, said the chamber report. Expo 2020 Dubai and its legacy contributed Dh154.9 billion of gross value added to the UAE’s economy from 2013 to 2042, a report from EY has shown. The World Expo, during its six-month run, supported approximately 1,039,000 full-time equivalent job-years, equal to more than 35,000 full time equivalent jobs per annum in the UAE over the same period. The sectors contributing most to gross value added – a measure of economic productivity – are events organisation and business services (Dh75.5 billion), construction (Dh31.9 billion), and restaurants and hotels (Dh23.1 billion). The pre- event phase contributed around one quarter of gross value added, the event itself added almost 13%, while the lion’s share of economic benefits – 62% – will be felt in the legacy phase through to 2042. As a catalyst to propel development, soft power and political influence, the FIFA World Cup 2022’s economic impact extended beyond Qatar as the GCC states took advantage of fresh opportunities. Hence, the kingdom’s growing role in the international sports scene, including initiatives like Aramco’s International Cricket Council title sponsorship and the proposed NEOM winter sports complex, signals its commitment to leveraging sports for economic development. Giga-projects under the Vision 2030 Initiative, valued

KEY TAKEAWAYS

at $1.25 trillion, emphasize vast real estate development plans, showcasing the Kingdom’s dedication to economic diversification. In the same vein, the Saudi Arabia Expo 2030 is not merely an event; it symbolises a significant opportunity for economic growth and investment in the kingdom’s future. With a young, growing local population and a commitment to diversify beyond oil, the kingdom is strategically positioning itself for high-profile events and foreign investment. The Expo offers a chance to turbocharge progress through trade, innovation, and global recognition. As a rising regional titan, Saudi Arabia’s Expo 2030 bid has sent a strong message of hope and unity, likely drawing visitors from neighbouring Arab countries and fostering bilateral ties with a multiplier effect across the Middle East economy. The Expo 2030 will serve as the beacon of change, propelling Saudi Arab towards a more diversified, sustainable and knowledge-based economy. The expo’s impact will extend beyond economic gains, fostering cultural exchange, international cooperation, a sense of national pride, and a testament to its commitment to innovation and its vision for prosperous future. • The expo site is designed as a model of sustainable urban living, powered by renewable energy, with green spaces and efficient public transportation connecting various zones • The six-month-long expo, scheduled to open on October 1, 2030, will host technology exhibits, cultural events, business forums, and entertainment from over 190 participating countries • Travel, tourism, and hospitality are expected to receive a substantial boost of SR355 billion • The Riyadh Expo City is expected to generate over $33 billion in investment and drive job growth • Expo 2030 is forecast to deliver a 0.75% annualised impact over the next 25 years

10 Federation of GCC Chambers

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