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Gulf Business
8 hours ago
- Business
- Gulf Business
PIF launches new company to deliver Expo 2030 Riyadh
Public Investment Fund (PIF) on June 19 announced the launch of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, to build and operate the facilities for Expo 2030 Riyadh – Saudi Arabia's first World Expo. ERC will also be responsible for preserving the legacy of the event. Read- The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites. Located to the north of the city, the site will be near the future King Salman International Airport and directly connected to key landmarks across the Saudi capital. Long-term vision and legacy Expo 2030 Riyadh is expected to attract more than 40 million visits. Following the event, ERC will lead the transformation of the Expo's gated area into a global village. This multicultural hub will feature retail, dining, and residential spaces with world-class amenities, aiming to set new benchmarks for sustainable tourism and urban living, PIF continues to deliver on its strategic mandate: achieving sustainable economic impact for Saudi Arabia while securing long-term returns. As one of the world's most influential investors, PIF is at the forefront of Saudi Arabia's economic diversification, driving the development of transformative giga-projects and landmark real estate initiatives. Strategic partnerships and operational readiness ERC is rapidly initiating operations to fulfill its mission. It will work closely with local and international private sector partners across construction, cultural programming, and event management to realize Expo 2030 Riyadh's full potential. Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031. It will enhance Riyadh's appeal to global businesses, underlining its status as one of the world's fastest-transforming capitals—offering sustainability, connectivity, and high quality of life at scale. Riyadh secured hosting rights for Expo 2030 in November 2023, winning the vote in the first round. Economic impact and job creation During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute approximately $64 billion to Saudi Arabia's GDP and create around 171,000 direct and indirect jobs. Once operational, the Expo is expected to contribute about $5.6 billion annually to GDP. Participating countries will have the option to construct permanent pavilions, contributing to the event's enduring legacy. The Expo will serve as a platform for sustained business and investment opportunities, both regionally and globally.
Zawya
a day ago
- Business
- Zawya
PIF launches new company to deliver Expo 2030 Riyadh
Expo 2030 Riyadh is projected to contribute almost $70 billion to Saudi GDP 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@ Website: Rupert Trefgarne: rtrefgarne@
