News Desk - The Cradle
The kingdom won the bid to host the international event by securing a two-thirds majority of the votes
Riyadh has officially been chosen as the venue for the Expo 2030 international fair, according to voting results disclosed on 29 November.
Busan, a port city in South Korea, and Rome, Italy, were contenders to host the world event every five years, drawing in millions of attendees and generating billions in investments.
Saudi Arabia required two-thirds of the votes to triumph in the first round.
The Italian competitors expressed their disappointment with sharp criticism. The head of Italy's Expo proposal, Giampiero Massolo, remarked, "This huge result for Saudi was unexpected in those proportions," adding, "Yesterday it was a soccer championship. Tomorrow it will be the Olympics."
South Korean President Yoon Suk Yeol congratulated Saudi Arabia on its successful bid, referring to the Gulf state as "a key partner." He added that South Korea would offer its resources and accumulated experience to assist Riyadh in hosting the grand event.
In recent years, Saudi Arabia has tried diversifying its revenue streams to avoid Riyadh's over-reliance on oil profits. The Kingdom has heavily utilized its Public Investment Fund (PIF) to branch into several industries, including film, gaming, and sports.
Riyadh aims to stage the Expo event from October 2030 to March 2031.
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