Mauritius supports Saudi Arabia’s hosting of Expo 2030 as it’s the best candidate: Minister

Ganoo said that he had been impressed by the Saudi Pavilion at Expo 2020 and that this had contributed heavily to the decision. (SUPPLIED)
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Updated 29 April 2022
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Mauritius supports Saudi Arabia’s hosting of Expo 2030 as it’s the best candidate: Minister

RIYADH: Mauritius will vote for Saudi Arabia to host Expo 2030 because it believes the Kingdom has the best capabilities among the candidate nations, according to the Mauritian minister in charge of of foreign affairs, regional integration and international trade.

Alan Ganoo, who is also the minister of land transport and light rail, told Arab News that the current hostilities between the other two candidates — Russia and Ukraine — plus the abilities the Kingdom demonstrated with its pavilion at Expo 2020 Dubai were leading factors in the decision.

“As you know, the decision will be made next year,” he said. “Nevertheless, we have been following the selection process and we have also been attentive to selecting the ideal candidate. We believe that such a global event should be made on the basis of certain principles, such as rotation and geography.


Read More: Saudi Arabia launches bid to host World Expo 2030 in Riyadh


“Given the pertinence of the event in spearheading and in promoting economics, trade, tourism and people-to-people exchanges, it is important to us that the state should have the means and the capacity to make the event unique rather than being a usual exposition.”

Five countries — Saudi Arabia, South Korea, Italy, Ukraine and Russia — are competing to host the global event.




Alan Ganoo

Ganoo said that he had been impressed by the Saudi Pavilion at Expo 2020 and that this had contributed heavily to his country’s decision.

“We had a glimpse of what Saudi Arabia is capable of doing when we visited the Saudi Pavilion,” he added.

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Following his visit to the pavilion, Ganoo conveyed his views in support of the Kingdom’s Expo 2030 bid to his country’s prime minister, Pravind Jugnauth, and his colleagues.

“I must also tell you that I’ve exchanged views on the Saudi candidacy with Saudi Arabia’s Minister of State for Foreign Affairs Adel Al-Jubeir,” he said.




Saudi Pavilion at Expo 2020

“I informed him that Saudi Arabia has the best chance of all the candidates, especially if you consider the present world circumstances, such as the hostility between the two other candidates, Russia and Ukraine.”

Ganoo added that the Kingdom and Mauritius enjoy a close relationship and his country is exploring ways to increase the number of Saudi tourists after a decline in the number of visitors from Europe, which had been a major source of national revenue.


New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

Updated 13 sec ago
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New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.

The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.

It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.

The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.

They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.

The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.

It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.

Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.

This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.