INTERVIEW: The greatest Arab show on earth — and its legacy

Illustration by Luis Grañena
Updated 25 August 2019
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INTERVIEW: The greatest Arab show on earth — and its legacy

  • Marjan Faraidooni explains key role Expo 2020 Dubai will play for the UAE — and Saudi Arabia’s crucial participation

DUBAI: Any skeptics about Expo 2020 Dubai — and there are a few who still have reservations about the extravaganza that will open to exuberant fanfare next year in the UAE — should spend an hour or two with Marjan Faraidooni.

She is the executive in charge of the pavilions and exhibitions on the huge site in south Dubai, and crucially, she has responsibility for “legacy” — what will remain after the show packs up in April 2021. She is calmly confident that the event will be a big success.

“It’s a challenge, but we have the mechanisms in place to make sure we meet that challenge,” she said amid the bustle of the Expo headquarters. It was August, and the holiday season, but there was no sign of any slackening in activity in the administrative hub, nor on the site itself. The clock is ticking down to the opening on Oct. 20 next year.

The scale of the event is mind-boggling. Over six months, the site will be visited some 25 million times, triple the population of the UAE. A previous Expo executive described it as the biggest ever gathering of people in the Arab world. It is expected to give a significant boost to the regional economy, and leave a permanent new city on the southern borders of Dubai.

But the doubters have been nagging away ever since Dubai won the right to stage the world fair in 2013. Would it be ready on time? Would it justify the financial outlay by boosting the UAE economy? Would it leave a lasting legacy or risk becoming a multibillion-dollar white elephant in the desert?

Faraidooni is convinced on all counts. On delivery, she said: “Yes, we are on track and although it’s not my direct remit, as part of the senior management team we are all responsible for doing whatever it takes to get this Expo delivered on time.”

Construction is progressing well. Earlier this year, Expo announced that the three “thematic districts” — reflecting its key themes of sustainability, mobility and opportunity — were complete, with more than 100 million working hours clocked on the site.

Faraidooni said that many of the 192 individual units built by the participating countries or organizations had already broken ground — including the big pavilion housing the Saudi presence — and that key infrastructure and transport around the site was well under way. An extension to the Dubai metro system and new roadways are under construction, as is apparent from the hectic construction activity around the site.


BIO

BORN: Dubai

EDUCATION: Bachelor’s in human physiology and master’s in public health, Boston University, US

CAREER

• Instructor, Sharjah Women’s College

• Special projects analyst, executive office of Dubai ruler

• Senior manager, Dubai Healthcare City

• Portfolio strategy director, Dubai Holding

• Chief pavilions and exhibitions officer, Expo 2020 Dubai


On the economic benefits of the project, Faraidooni pointed to a recent study by consultants EY which projected a big boost to the Dubai economy and a permanent increase in jobs.

“This Expo is happening in a location that is critical to the development of Dubai as a city and close to a new airport. A lot of infrastructure has been developed not only to service the Expo but for this whole area of Dubai,” she said.

Some economists have talked about the “Expo effect” as a factor that will boost the economy, especially the real estate market, which has been in the doldrums for several years.

That economic development is part of the legacy Faraidooni believes Expo will deliver. “The future is something we think about on a daily basis,” she said. The site will become a new addition to the Dubai urban scene, a mixed-use development called District 2020: A mixture of a business park, an exhibition center and a residential area with retail, leisure and cultural features, based around the Al-Wasl centerpiece.

Two big international corporations — Siemens, the German engineer, and Accenture, the international consulting firm — have already said they will base significant operations on the Expo site once the event ends, and Faraidooni hinted that other big global businesses are interested.

“We think of it as the place that happened to hold the Expo for six months. It will hold all the cultural and educational assets that played a fundamental role in the project,” she said.

We will have thousands of people coming through the doors on a daily basis.

Her infectious enthusiasm for the Expo project — she has been involved in it since the very beginning — is most obvious when it comes to discussing the actual content of the thematic pavilions that form the core of the experience.

She admitted the three key themes of sustainability, mobility and opportunity are “heavy themes, traditionally discussed in the UN and other political environments,” so the challenge has been how to make those accessible and enjoyable as well as informative.

“We will have thousands of people coming through the doors on a daily basis, so how do we quickly send them the Expo message in a way that inspires them and educates them? That’s what I do on a daily basis. It’s one of the best parts of my job,” she said.

As Faraidooni describes it, the sustainability pavilion, called Terra, will be quite an attraction in its own right. Designed by the renowned British firm Grimshaw Architects, the pavilion has a diameter of 130 meters and its roof consists of solar panels that will make it self-sustaining in energy use. “You won’t miss the sustainability pavilion — it’s like a spaceship has landed on the site,” she said.

The “theatrical approach” Faraidooni had adopted in the pavilions involves simulating different experiences that hammer home the sustainability message in Terra. “When you come through the entrance of the building you’ll be given two choices: Do you want to go through the forest, or under the ocean? We take you through chapters of experience that inspire you about the world you live in,” she explained, mentioning an encounter with a “giant fish with stacks of plastic in its belly” to highlight environmental threats.




An aerial view of the Expo 2020 site in Dubai. (Courtesy of Expo2020Dubai.com)

The two other thematic pavilions involve a similar mixture of entertainment and experience, but with a serious message and a flavor of Emirati and Arabic heritage.

In the mobility pavilion, visitors encounter famous Arabic navigators and travelers who led the way in exploration techniques, as well as modern examples from the ports company DP World and Dubai Smart City.

In the opportunity pavilion, visitors will view the world through the lens of the UN sustainable development goals, and what the implementation of those targets can mean for everyday experiences.

No detail is too small. Expo recently announced an international competition to design water fountains for the site — the Sabeel fountain project — which will invite designs for 40 locations around the site, highlighting the role that the communal provision of water has played in Arab and Islamic culture.

Saudi Arabia will be a key participant at Expo. The Kingdom’s pavilion — the second biggest on the site after the UAE’s — is themed on a gigantic mirror rising into the sky, but firmly attached to the ground, “reflecting a society deeply rooted in its culture but with unlimited ambitions,” according to the official statement.

“It’s very advanced, like something out of a sci-fi movie, and very interesting. The Saudi pavilion looks like it’s going to be one of the main attractions on the whole site. We’re very excited about it,” Faraidooni added. Expo rates Saudi Arabia as the second-largest source market for visitors next year, after India, accounting for a significant number of the 11 million anticipated foreign visitors.

Foreigners will make up 70 percent of the visitors to Expo, but the majority are expected from the UAE, who are being encouraged to come more than once, with a program to Emirati and regional schools to ensure youthful participation.

A big role will be played by Emirates Airline, one of the official partners of Expo, which is working on plans to persuade transit passengers to visit the site, as well as tourists on holiday in the UAE. So the goal of 25 million visits, labeled as overly ambitious by some critics, is eminently achievable. “Of course it’s feasible. Everything is feasible,” Faraidooni said.

She is acutely aware that the deadline is approaching. “We’re doing a lot, but there is so much more we could do, but we’re constrained by time. We know we have to open our doors and there is no question about that date whatsoever,” she said.

Faraidooni faces a personal challenge too: What to do once the Expo closes its doors on the last visitor in spring 2021? “This is a once-in-a-lifetime job. Anything I do after this is going to be boring,” she said.


UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

Updated 18 November 2024
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UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

RIYADH: Saudi Arabia will host a special UN forum to combat desertification with the introduction of a dedicated Green Zone and thematic days for the first time in the event’s history. 

As part of its presidency of the UN Convention to Combat Desertification COP16, the Kingdom has announced a dedicated area focused on raising global awareness about land degradation, while enabling key decision-makers from scientific, non-governmental, political, business, and at-risk communities to find and fund lasting solutions. 

The Green Zone will host thematic days designed to rally action on critical issues, including agri-food systems and finance, during the conference set to take place from Dec. 2-13 at Boulevard Riyadh City. 

This initiative aligns with the Saudi Green Initiative target to turn 30 percent of the Kingdom’s land into nature reserves, plant 10 billion trees, and restore 40 million hectares of degraded land. 

“Land degradation, desertification and drought impact almost every corner of the planet, and every living being on it, from the species at risk of extinction to the lives and livelihoods impacted by severe drought,” said Osama Faqeeha, deputy minister for environment at the Ministry of Environment, Water and Agriculture, and adviser to the UNCCD COP16 Presidency. 

“Saudi Arabia will host the first-ever UNCCD COP16 Green Zone to mobilize the international community and maximize the opportunity during December’s conference of delivering lasting global change,” he added. 

There will also be a Blue Zone, which along with its green counterpart will feature seven thematic days designed to foster action and dialogue among key stakeholders. 

Land Day will focus on land restoration initiatives and nature-based solutions, while the Business for Land Forum will bring together international leaders to discuss the economic importance of sustainable land practices. 

Finance Day will address ways to close the financing gap in land degradation, along with a special ministerial dialogue and innovations in Sustainable Land Management financing. Governance Day will focus on improving women’s land rights and address policy issues surrounding land tenure and resource governance. 

Agri-Food Systems Day will spotlight food security, crop resilience, and sustainable farming. Resilience Day will explore water scarcity, drought resilience, and early warning systems for sand and dust storms. 

People’s Day will feature a youth caucus to engage young people, as 1 billion people under 25 in regions dependent on land and natural resources for jobs and livelihoods face significant challenges. 

 


Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

Updated 18 November 2024
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Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

RIYADH: Energy deals worth SR20 billion ($5.33 billion) have been signed between Alfanar Projects and Saudi Electricity Co. to advance the Kingdom’s power modernization and sustainability efforts. 

The agreements, announced during the Energy Localization Forum hosted by the Ministry of Energy, include the construction of the Middle East’s largest High-Voltage Direct Current Converter Station, according to a press release.  

This facility, developed in partnership with China Electric Power Equipment and Technology Co., will deliver 7 gigawatts of power between the Central, Western, and Southern regions. 

The deals also include projects for battery storage systems, smart distribution centers, and renewable energy integration, aimed at improving grid reliability and supporting Saudi Arabia’s Vision 2030 goals of energy self-sufficiency and sustainability. 

Saudi Arabia aims to get 50 percent of its power from renewable energy by 2030, with a total capacity of 130 GW. This includes 58.7 GW from solar and 40 GW from wind, making it the most ambitious renewable energy target in the Gulf Cooperation Council. 

Amer Al-Ajmi, executive vice president of sales and marketing at Alfanar Projects, said: “The confidence placed in us by the Ministry of Energy, through its representative, Saudi Electricity Co., affirms our commitment to deliver and execute transformative projects of this scale.”  

He added: “At Alfanar Projects, we combine our robust resources, technical expertise, and a highly skilled national workforce to create a sustainable energy infrastructure that supports the Kingdom’s self-sufficiency goals and strengthens its role as a leader in renewable energy.” 

The signing ceremony was attended by Saudi Energy Minister Prince Abdulaziz bin Salman, Minister of State Hamad bin Mohammed Al-Sheikh, and Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. 

Other key representatives included Khaled Al-Ghamdi, CEO of Saudi Electricity Co., and Sabah Al-Mutlaq, vice chairman of Alfanar Co. and managing director of Alfanar Projects, who represented both organizations. 

Alfanar Projects is a Saudi-based company developing sustainable energy projects that support economic growth and environmental goals in the Kingdom and beyond. 

Earlier this month, Saudi Electricity Co. reported a net profit of SR5.6 billion for the first nine months of 2024, up from SR 4.6 billion last year. The company’s power generation capacity grew by 1.4 percent, with its directly owned capacity rising to 56.9 GW. 


Closing Bell: Saudi benchmark index edges up to close at 11,830

Updated 18 November 2024
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Closing Bell: Saudi benchmark index edges up to close at 11,830

RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 0.16 percent or 18.40 points to reach 11,830.38 points on Monday.   

The total trading turnover of the benchmark index was SR5.4 billion ($1.46 billion), as 78 of the listed stocks advanced, while 151 retreated.   

The MSCI Tadawul Index increased by 1.22 points, or 0.08 percent, to close at 1,487.07.    

The Kingdom’s parallel market Nomu also increased, gaining 119 points, or 0.40 percent, to close at 29,596.35 points. This comes as 44 of the listed stocks advanced while as many as 34 retreated.   

The index’s top performer, the National Co. for Glass Industries, saw a 9.11 percent increase in its share price to close at SR53.90.   

Other top performers included Arriyadh Development Co., which saw a 5.76 percent increase to reach SR27.55, while Almasane Alkobra Mining Co.’s share price rose by 4.41 percent to SR68.70.  

The Power and Water Utility Co. for Jubail and Yanbu also recorded a positive trajectory, with share prices rising 3.26 percent to reach SR57. CATRION Catering Holding Co. also witnessed positive gains, with 3.20 percent reaching SR129.

East Pipes Integrated Co. for Industry was TASI’s worst performer, with the company’s share price dropping by 3.78 percent to SR137.40. 

Arabian Pipes Co. followed with a 3.68 percent drop to SR109.80. Alkhorayef Water and Power Technologies Co. also saw a notable drop of 3.31 percent to settle at SR140. 

Elm Co. and MBC Group Co. were among the top five poorest performers, with Elm Co.’s share declining by 3.24 percent to settle at SR1.127.60 and MBC Group’s falling by 3.18 percent to sit at SR44.15.

On Nomu, Shalfa Facilities Management Co. was the best performer, with its share price rising by 14.03 percent to reach SR95.90. 

Sure Global Tech Co. and Mohammed Hasan AlNaqool Sons Co. also delivered strong performances. Sure Global Tech Co. saw its share price rise by 13.24 percent, reaching SR83.80, while Mohammed Hasan AlNaqool Sons Co. recorded a 12.20 percent increase, standing at SR43.70.

Osool and Bakheet Investment Co. also fared well with 9.81, and Banan Real Estate Co. increased 7.73 percent.

Alqemam for Computer Systems Co. shed the most in Nomu, with its share price dropping by 12 percent to reach SR88. 

Natural Gas Distribution Co. experienced a 5.87 percent decline in share prices, closing at SR54.50, while Horizon Educational Co. dropped 5.66 percent to settle at SR75.

Raoom Trading Co. and Lana Medical Co. were also among the top decliners, with Raoom Trading Co. falling 5.26 and Lana Medical Co. declining 4.89 percent.


Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

Updated 18 November 2024
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Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

  • Benchmark KSE-100 Index forecast to increase to 127,000 points by Dec. 2025, a 34% rise, from 94,704 points it closed on Friday
  • Key index advanced as much as 0.6% on Monday, taking gains to more than 50% this year, the second best performer globally

ISLAMABAD: Pakistan’s stocks are expected to advance by more than a quarter by the end of next year as the nation’s economy shows improvement under a loan program with the International Monetary Fund and the currency stabilizes, Bloomberg reported on Monday, quoting two brokerage houses. 

The benchmark KSE-100 Index is forecast to increase to 127,000 points by December 2025, or a 34% rise, from the 94,704 points it closed last Friday, according to Topline Securities Ltd. in a report announced on Nov. 16. Arif Habib Ltd. targets the index to reach 120,000 points, a gain of 27%.

“The stage is set for a potential market re-rating with declining interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.

Pakistan’s economy has stabilized with inflation easing from record levels that has allowed the central bank to cut the interest rate for four straight meetings to 15 percent, the lowest in two years. 

The key index advanced as much as 0.6% on Monday, taking its gains to more than 50% this year, the second best performer globally, according to data compiled by Bloomberg.

The equity market will be offering a 37% return including 10% dividend yield by the end of 2025 because of economic stability and falling bond yields, Karachi-based Topline said in a separate report.

Pakistan is also increasingly attracting the attention of foreign investors, particularly in its debt and equity markets, said Arif Habib.


Saudi commercial records surge 68% in 20 months

Updated 18 November 2024
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Saudi commercial records surge 68% in 20 months

RIYADH: Saudi Arabia has seen a remarkable 68 percent growth in commercial records over the 20 months since the implementation of its New Companies Law, according to a recent government report.

The law, which took effect on Jan. 19, 2023, introduced significant reforms aimed at simplifying business processes and fostering a more dynamic corporate environment. By the end of the third quarter of 2024, the number of commercial records had risen to 389,413, up from 230,762 before the law’s introduction, the Ministry of Commerce reported.

Among the law’s key innovations are streamlined processes for setting up joint-stock companies, the ability for shareholders to participate remotely, and improved financing options, including allowing limited liability companies to issue debt instruments. These changes have reshaped the corporate landscape by simplifying company formation and offering flexible financing avenues.

The law also encourages broader ownership by easing the purchase of shares and equity stakes. Notably, it introduces a simplified joint-stock company model and includes provisions for non-profit organizations. Other reforms include allowing sole proprietorships to transition into any company type, modernizing rules for corporate mergers and transformations, and permitting company splits.

Small and micro enterprises are exempt from the requirement of an external auditor, reducing their compliance burdens. Additionally, the law enhances digital services, enabling remote shareholder meetings and decision-making, and removes restrictions across all stages of company formation, operation, and exit.

The reforms also introduce a family charter to govern family-owned businesses and simplify the process for foreign companies to operate in the Kingdom, creating a more flexible and investor-friendly environment.

In its September report, the International Monetary Fund praised the reforms for improving access to financing, reducing fees, and strengthening governance, which has helped attract record levels of foreign investment. The IMF also noted that the reforms have contributed to the growth of non-oil sectors and increased employment.

The IMF further highlighted that the rise in non-oil revenues underscores the effectiveness of these reforms, which have also led to better compliance and alignment of customs procedures with international best practices.

In addition, in September, Saudi Arabia approved new laws related to commercial registration and trade names, further streamlining business operations and improving the overall business environment.

These changes were approved at a Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.