Tuesday, February 27, 2024

Expo 2030 boosts Saudi economy by more than $50 billion and supports development of its sectors

Date:

Economic analysts expected that Riyadh’s success in organizing “Expo 2030” would contribute to boosting the growth and activities of the Saudi economy to about $50 billion and attracting foreign investments. Aviation, transportation, real estate, residential, communication, transport, retail, hotels, hospitality and tourism sectors, the exhibition will be a great opportunity for local and international companies to attract foreign investment.

Professor of Economics at King Faisal University, Dr. Muhammad bin Dulaim Al-Qahtani, during his conversation with Asharq Al-Awsad, expected that by organizing the exhibition, the activities of the Saudi economy will improve the development of about 50 billion dollars and many more. Important and critical economic sectors.

According to Al-Qahdani, the fair’s revenue will be distributed among the restaurants and hotel sector (about $5 billion), contracting ($11.5 billion), business services and event planning ($28 billion) and small business expenses ($5.5 billion). This will create around 60,000 jobs annually up to the date of the fair, with a total of 420,000 jobs expected.

The economic professor added that “Expo 2030” will help to improve the image of Saudi Arabia as a leader in hosting world events, promote global communication, travel and tourism and strengthen GDP growth by more than 2.5 percent. Forward in “Vision 2030”, and bring more tourists to the Kingdom with more than 50 million visitors during the fair, promote the development of the real estate sector, stimulate long-term investments and greatly help the knowledge economy.

For his part, the Director General of “Itmar” Company owned by Imam Muhammad Bin Saud University in Saudi Arabia, Dr. Dr. Muhammad Makhni, speaking to Asharq al-Awsad, described the victory of Riyadh. The world is interested in organizing this important global event, which is contested by the biggest countries, in organizing the exhibition to reflect the position of Saudi Arabia and the confidence of the nations in the world. Major forums, level of services, infrastructure, logistics aspects and capacity and capabilities to provide financial solution. He pointed out that the Saudi file took all these aspects into account and was able to host the Kingdom in an outstanding manner, which contributed to this exceptional victory from the first round of voting.

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Makhni added that the victory is an international testament to the Kingdom’s success in implementing its development plans and programs emanating from the “Vision 2030” launched in 2015. Arabia.

Regarding the most important sectors that will benefit from the Expo 2030 system, Dr Makhnai believes that Saudi Arabia is targeting 40 million visitors to the Expo, contributing to the prosperity and growth of the aviation and transport sectors, real estate and residential sectors. , communication and transportation, and retail sector, especially food and restaurants, hotels, hospitality and tourism sectors, the exhibition will provide a great opportunity for local and international companies and attract foreign investments.

The finance and investment expert expects the exhibition to create a huge boost for the city of Riyadh and accelerate the King Salman Park, Gidiya Project and other major strategic projects in the city to get visitors ready for this major event. The Diriyah Gate project will create approximately 250,000 direct jobs, all of which will contribute to… supporting and enhancing the Kingdom’s economic growth.

According to the nomination file, Saudi Arabia allocated $7.8 billion to host the expo, broken down into $5.85 billion for capital expenditures and $1.47 billion for operational costs. It also earmarked $343 million to assist 100 countries in the fields of venue construction, technical support and events. Details of investment expenditures include investments in the exhibition site and surrounding areas ($5.46 billion), the cost of the venues is $1.75. billion, and the exhibition village and facilities at about $1.45 billion, Riyadh invested $382 million in infrastructure at the city level, and operating expenses at about $1.47 billion, topped by advertising and communication materials with $297 million. operations ($268 million) and operational technologies ($237 million). ).

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The fair’s revenue is expected to reach 1.53 billion dollars, which will come from about 10 economic sectors. Ticket revenues at the forefront are estimated at more than $894 million, followed by sponsorships at more than $304 million, food and restaurants at $106 million, followed by the “metaverse” and advertising sectors, exhibit space rental fees, lodging, parking fees, entertainment and professional events and storage, which It is expected to gross more than $210 million.

Aiming to attract 21.7 million visitors to the fair, divided into 11.4 million local visitors and 10.3 million international visitors, Saudi Arabia also aims to increase the number of hotel rooms for exhibitors in the Riyadh, Eastern and Qasim regions from 92,000. Currently there are more than 186 thousand hotel rooms.

The Kingdom intends to deliver an exceptional global experience in the history of expo fairs with an ambitious master plan for “Riyadh Expo 2030” to be held near King Salman International Airport, which is currently under construction. By using the “Riyadh Train” network covering all parts of the city of Riyadh, it is easy for visitors coming through the airport to reach the exhibition site in minutes. One of the three entrances to the exhibition.

The exhibition halls, estimated at 226, are arranged in a globe-like design with the equator in the middle, giving equal opportunities to all exhibitors. The locations of the country halls will be determined at the fair. Flexible, in an arrangement that unites the countries of the global north and south, according to the longitude lines of each country, in a step that reflects the Kingdom’s important role in facilitating cooperation between the countries of the world, and the design is very diverse between visitor halls, public squares, facilities dedicated to culture and innovation, and food service facilities. Short distances ensure easy walking. Heritage inspired by Riyadh’s history.

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Rolf Colon
Rolf Colon
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