Riyadh Expo 2030
Riyadh Expo 2030: An era of transformation begins for Saudi economy
S audi Arabia’s successful bid for Expo 2030 is a significant milestone, promising economic benefits for the Kingdom beyond the event itself. This victory aligns with Crown Prince Mohammed bin Salman’s Vision 2030, aiming to diversifying the Saudi economy away from oil towards sectors like tourism, hospitality, job creation, and knowledge-based economy. The Expo theme “The Sky’s the Limit” reflects the nation’s ambitious growth plans. While travel, tourism, and hospitality are expected to receive a substantial boost of SR355 billion, other sectors such as real estate, banking, and insurance will also benefit, according to a Research by Al-Rajhi Capital. 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. 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. This international gathering is poised to catalyse new innovations, partnerships, and solutions to global challenges in areas like healthcare, education, climate, and the environment. Saudi Arabia has allocated $348 million to facilitate the participating nations, emphasizing the expo’s commitment to addressing urgent global challenges. The Riyadh Expo City, exemplifies Vision 2030 priorities, with cutting-edge construction and operations 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, accelerating the implementation of government-led giga-projects and influencing the travel, tourism, and hospitality sectors. The pre-Expo phase is set to benefit industries like construction, while the during and post-event periods will witness growth in insurance, hospitality, primary healthcare, car rentals, aviation, food and beverages, telecom, and advertising. The tourism sector stands out as a major beneficiary, playing a crucial role in Saudi Arabia’s economic diversification strategy. The kingdom aims to increase hotel capacity significantly, with leisure tourism forecasted to see an 18.1% compounded
The Expo 2030 will serve as the beacon of change, propelling Saudi Arabia towards a more diversified, sustainable and knowledge-based economy
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