PIF launches new company to deliver Expo 2030 Riyadh
PIF leads development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia
RIYADH – PIF today announced the launch of Expo 2030 Riyadh Company (ERC), wholly owned by PIF, to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo – as well as preserving the legacy of the event.
The masterplan for Expo 2030 Riyadh covers an area of 6 million square meters, making it one of the biggest World Expo sites. The Expo will be to the north of the city, near the future King Salman International Airport, and with direct connections to the Saudi capital's landmarks.
Expo 2030 Riyadh is projected to attract more than 40 million visits. After the Expo event, ERC plans to lead the transformation of the Expo's gated area into a global village to serve as a multicultural hub for retail, food and beverage, surrounded by an international residential community with world-class amenities, and setting new standards in sustainable tourism.
PIF continues with its strategic mandate: to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world's most impactful investors, driving Saudi Arabia's economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia.
Saad Alkroud, Head of the Local Real Estate Investment Division at PIF said: 'ERC benefits from PIF's diverse local and global ecosystem and the establishment of the company aligns with PIF's local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030.'
ERC is swiftly launching operations to fulfill its mandate, and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management.
Expo 2030 Riyadh runs from Oct. 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. It marks the city's status as one of the world's fastest-transforming capitals, one that combines sustainability, connectivity and quality of life at scale. Riyadh was awarded the hosting rights for Expo 2030 in November 2024, winning the vote in the first round.
During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64 billion to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6 billion to GDP.
Countries participating in Expo 2030 Riyadh will have the option of building permanent pavilions and being part of the event's legacy. The Expo will provide opportunities for long-term business and investment growth.
ABOUT PIF
PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.
And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.
Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
For media inquiries: PIF Media Relations Email: media@pif.gov.sa Website: www.pif.gov.sa
Rupert Trefgarne: rtrefgarne@pif.gov.sa
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
3 hours ago
- The National
Saudi Aramco signs $11bn Jafurah deal with BlackRock-led consortium
Saudi Aramco on Thursday signed an $11 billion lease and leaseback agreement for midstream gas-processing plants at its Jafurah field with a consortium led by BlackRock's Global Infrastructure Partners. Under the transaction, a newly formed subsidiary called the Jafurah Midstream Gas Company will lease development and use rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and then lease them back to Aramco for a 20-year period. Aramco will hold a 51 per cent stake in the newly formed JMGC subsidiary, with investors led by GIP holding the remaining 49 per cent. The companies said the deal is expected to be closed 'as soon as practicable', subject to customary conditions. Jafurah, the largest non-associated gasfield in Saudi Arabia, is a key player in Aramco's ambitions to increase gas production capacity by 60 per cent between 2021 and 2030. Jafurah is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. The company has said it anticipates total overall life cycle investment at the project to pass $100 billion. 'Jafurah is a cornerstone of our ambitious gas expansion programme, and the GIP-led consortium's participation as investors in a key component of our unconventional gas operations demonstrates the attractive value proposition of the project,' said Aramco chief executive Amin Nasser. The Jafurah basin, with about 200 trillion standard cubic feet of gas in place, is the largest liquid-rich shale gas play in the Middle East. Jafurah is an unconventional gasfield, which means energy resources are trapped inside layers of rock that require special equipment to access. 'We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centres, in the kingdom,' Mr Nasser said. Co-investors in the deal included some in the Middle East and Asia, the companies said. It is expected to capture more from the development of the Jafurah gasfield and support optimisation of Aramco's assets, they said. The companies also said the investment adds to the strong relationship between Aramco and BlackRock. 'Today's announcement builds upon BlackRock and GIP's long-standing relationship with Aramco to serve growing market needs for cleaner fuels, energy security and energy affordability,' said Bayo Ogunlesi, GIP chairman and chief executive.
Zawya
5 hours ago
- Zawya
Aramco inks $11bln midstream deal for Jafurah gas facilities with GIP-led consortium
Aramco announced on Thursday that it has signed an $11 billion lease and leaseback agreement for its Jafurah gas processing facilities with a consortium of global investors led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock. Jafurah, the Kingdom's largest non-associated gas development, is estimated to hold 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. The field is central to Aramco's goal of increasing gas production capacity by 60 percent between 2021 and 2030. Under the deal, a newly formed subsidiary, Jafurah Midstream Gas Company (JMGC), will lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, then lease them back to Aramco for 20 years, according to a press statement by Aramco. JMGC will receive a tariff from Aramco in exchange for exclusive rights to process raw gas from Jafurah. Aramco will retain a 51 percent majority stake in JMGC, with the remaining 49 percent owned by investors led by GIP. The transaction is expected to close after meeting customary conditions. Amin H. Nasser, Aramco President & CEO, said: 'As Jafurah prepares to start phase one production this year, development of subsequent phases is well on track. We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centres, in the Kingdom.' Past precedents The transaction underscores the trend of monetising oil and gas infrastructure via long term lease back models by the region's national oil companies while retaining operational control. In September 2024, Reuters reported that a BlackRock-managed fund acquired a minority stake in the Saudi–Bahrain Pipeline Company (SBPC) from Bapco Energies. The 112-km pipeline transports crude oil from Saudi Aramco to Bahrain's national refinery In December 2021, Aramco signed a $15.5 billion lease and leaseback deal involving its gas pipeline network with a consortium led by BlackRock and Hassana, the investment management arm of the General Organisation for Social Insurance (GOSI) in Saudi Arabia, Aramco Gas Pipelines Company, 51 percent owned by Aramco and 49 percent owned by investors led by BlackRock and Hassana, has leased usage rights in Aramco's gas pipelines network and leased them back to Aramco for a 20-year period. In return, Aramco Gas Pipelines Company receives a tariff payable by Aramco for the gas products that will flow through the network, backed by minimum commitments on throughput. The deal that started it all In 2019, UAE's ADNOC inked a deal worth $4 billion with a consortium including GIC, BlackRock, KKR and Abu Dhabi Retirement Pensions and Benefits Fund, selling them a 49 percent stake in its subsidiary ADNOC Oil Pipelines (AOP). The agreement involved AOP leasing ADNOC's usage rights in 18 pipelines for transporting crude and condensates from the national oil company's onshore and offshore concessions, and leasing them back to ADNOC for a period of 23 years. In July 2020, ADNOC had sold a 49 percent stake in ADNOC Gas Pipelines - which held 20-year lease rights for 38 gas pipelines spanning 982 km - to an international consortium including GIP, Brookfield, GIC, Ontario Teachers', NH Investment & Securities, and Snam for $20.7 billion. ADNOC, which owns 51 percent in ADNOC Gas Pipelines, pays the latter a volume-based tariff, subject to a floor and a cap, for the use of pipelines that transport sales gas and natural gas liquids (NGL) from ADNOC's upstream assets to Abu Dhabi's key outlets and terminals. In April 2024, local alternative investment firm Lunate acquired a 40 percent stake in AOP from BlackRock and KKR, with a further 6 percent stake acquired from Snam in January 2025, thereby bringing infrastructure back under UAE-based ownership. (Writing by SA Kader; Editing by Anoop Menon)
Zawya
6 hours ago
- Zawya
Saudi: Red Sea International achieves 44% growth in operating profits for H1 2025
Red Sea International Company announced its consolidated financial results for the first six months of 2025, reporting a net profit of SR1.87 million, a 168% improvement compared to the first half of 2024. However, net profit for Q2 2025 reached SR6.39 million, representing a 31% decline compared to Q2 2024. By the end of Q2 2025, revenues for the first half reached SR1,479 million, marking a 54% increase compared to H1 2024. Q2 2025 revenues stood at SR779 million, up 4% compared to Q2 2024. This growth was mainly driven by improved performance and higher project completion rates. Operating profit for the first six months of 2025 reached SR42.8 million, an increase of 44% compared to the same period in 2024. Operating profit for Q2 2025 stood at SR23.72 million, down 10% compared to Q2 2024. This performance improvement in the first half of the year came despite lower overall profitability, primarily due to accounting adjustments related to the Amortization of Purchase Price Allocation (PPA). In 2024, the company carried out a PPA for the acquisition of First Fix Company for Electrical Works Ltd., which resulted in an accounting loss of SR121.75 million in 2024 and SR48.7 million in H1 2025. These losses are purely accounting adjustments required under the International Financial Reporting Standards (IFRS) and do not represent actual operational losses. This has been clarified in the notes to the consolidated financial statements for the periods ending 31 March 2025 and 30 June 2025. To address the impact of the PPA provision, the company is implementing the Board of Directors' recommendation to increase capital by converting debts owed to minority shareholders (the sellers) in First Fix — specifically, the deferred portion of the acquisition price — into shares. The company has submitted this request to the Capital Market Authority, and it is currently under review, with a decision expected soon. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
