Expo 2030 to have significant positive economic impact on Saudi Arabia: GIB Capital

Logo of Expo 2030

Hosting Expo 2030 is likely to have a significant positive economic impact on Saudi Arabia, GIB Capital said in a report.

"We may see SAR 175-190 billion cumulative gross value added (GVA) impact on the Saudi economy from the government spending with the pre-Expo stage likely witnessing a GVA impact of SAR 44-47 billion and during the Expo impact of SAR 23-24 billion," it said.

GIB Capital also expects Expo to spur robust economic growth in the Kingdom, attracting significant investments from both the government and the private sector, while creating many job opportunities.

Moreover, it anticipates attracting 40 million visitors, ranking second only behind Shanghai 2010 (73 million visitors), marking it as the second-largest attendance since the year 2000.

Non-oil sectors are expected to experience varying growth patterns with the building & construction, banks, and insurance sectors likely witnessing expansion leading up to the Expo as preparations for the Expo gather pace, said the brokerage.

It added that, during the Expo, sectors such as hospitality & tourism, aviation & ancillary, car rentals, advertisement, and insurance are expected to be major beneficiaries, driven by increased visitor influx.