11 hours ago
PIF launches company to build, operate Expo 2030 Riyadh site
The Public Investment Fund (PIF) announced today, June 19, the launch of Expo 2030 Riyadh Co., a wholly owned subsidiary tasked with developing and operating the Expo 2030 Riyadh site—the first of its kind to be hosted in the Kingdom.
According to a statement from PIF, the company will oversee the construction and long-term investment of the Expo's facilities.
The project's master plan spans six million square meters in northern Riyadh, adjacent to the upcoming King Salman International Airport, making it one of the largest Expo sites across the event's history.
The venue will be directly connected to several major landmarks in the capital, moreover.
Expo 2030 Riyadh is expected to attract more than 40 million visits during its six-month run, scheduled from October 1, 2030 to March 31, 2031.
Following the event, the company will transform the site into a global village—a multicultural hub featuring retail and dining destinations, surrounded by a world-class residential community designed as a model for sustainable tourism, the statement noted.
The new company will accelerate its operations to meet project milestones and plans to form partnerships with local and international private sector players in construction, cultural programming, and event management.
It would benefit from the fund's diverse local and global portfolio. The initiative aligns with PIF's broader real estate strategy, Saad Alkharoud, Head of Local Real Estate Investments at PIF, said.
The total contribution of Expo 2030 Riyadh and its infrastructure to Saudi Arabia's GDP during the construction phase is projected to reach approximately SAR 241 billion, while the event is expected to create around 171,000 direct and indirect jobs.
The operational phase is forecast to contribute nearly SAR 21 billion to the Kingdom's GDP, the statement added, pointing out that the participating countries will also have the opportunity to build permanent national pavilions as part of the hub's sustainable infrastructure.
