The Public Investment Fund of Saudi Arabia (PIF), in a press release, announced the launch of the Expo 2030 Riyadh Company (ERC), which will develop and operate the facilities of Expo 2030 Riyadh, the first world exhibition in Saudi Arabia, and preserve the heritage of the event.
The master plan for Expo 2030 Riyadh covers an area of six million square meters, making it one of the largest world exhibition sites. The Expo will be located to the north of the city, close to the future King Salman International Airport and with direct links to the landmarks of the Saudi capital.
Expo 2030 Riyadh is expected to attract more than 40 million visits. After the Expo event, the ERC plans to transform the Expo gateway area into a global village, surrounded by an international residential community with world-class amenities, and set new standards in sustainable tourism, the release said.
PIF continues to execute on its strategic objective of achieving economic impact for Saudi Arabia, while generating sustainable returns. PIF is one of the world’s most impactful investors, driving Saudi Arabia’s economic diversification while helping to create key sectors and opportunities that will help shape the global economy. PIF is leading the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia.
Saad Algrood, Head of PIF Local Real Estate Investment, said: “ERC benefits from PIF’s diverse local and global ecosystem, and the establishment of the company is aligned with PIF’s local real estate strategy, which drives economic transformation and diversification, fosters urban innovation and improves the quality of life, driven by the ambitious goals of Saudi Vision 2030.”
The ERC is rapidly implementing its mandate and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management, the release added.
Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031, and will further strengthen the city’s appeal to international businesses. It marks the city’s position as one of the world’s fastest-changing capitals, integrating sustainability, connectivity and quality of life at scale. Riyadh won the right to host Expo 2030 in November 2023, winning the first round of voting.
During its construction phases, Expo 2030 Riyadh and its legacy are expected to contribute approximately $64 billion to Saudi GDP and create 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 to create permanent pavilions and be part of the event’s legacy. The Expo will provide opportunities for long-term business and investment growth.
