Riyadh: The Public Investment Fund (PIF) has announced the creation of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, tasked with the construction and operation of facilities for Saudi Arabia's inaugural World Expo. The announcement was made in a press release, highlighting ERC's role in maintaining the event's legacy.
According to Saudi Press Agency, the Expo 2030 Riyadh will span an impressive six million square meters, positioning it among the largest World Expo sites globally. Situated to the north of Riyadh, it will be in proximity to the forthcoming King Salman International Airport and will have direct links to the capital's landmarks.
Expo 2030 Riyadh is expected to draw over 40 million visits. Post-event, ERC intends to transform the Expo's enclosed area into a global village, envisaging it as a multicultural hub for retail and food services, encircled by an international residential community. This initiative aims to set new benchmarks in sustainable tourism.
PIF is committed to driving economic impact for Saudi Arabia while ensuring sustainable returns. Recognized as one of the world's influential investors, PIF is pivotal in diversifying Saudi Arabia's economy and fostering key sectors that influence the global economy. It spearheads transformative giga-projects and significant real estate developments within the country.
Saad Alkroud, PIF Head of the Local Real Estate Investment Division, stated that ERC benefits from PIF's extensive local and global ecosystem. The establishment of the company aligns with PIF's local real estate strategy, which aims to drive economic transformation and diversification, promoting urban innovation and enhancing quality of life, in alignment with the ambitious objectives of Saudi Vision 2030.
ERC is rapidly commencing operations to fulfill its mission and plans to collaborate with both local and international private sectors in construction, cultural programming, and event management, as mentioned in the release.
Expo 2030 Riyadh is scheduled from October 1, 2030, to March 31, 2031, further amplifying Riyadh's appeal to international businesses. This event underscores Riyadh's status as one of the world's most rapidly transforming capitals, merging sustainability, connectivity, and quality of life on a grand scale. Riyadh secured the hosting rights for Expo 2030 in November 2023, winning in the first round of voting.
The construction phases of Expo 2030 Riyadh and its legacy are forecasted to contribute approximately $64 billion to Saudi GDP and create around 171,000 direct and indirect jobs. Once operational, it is expected to add approximately $5.6 billion to GDP.
Participating countries in Expo 2030 Riyadh will have the opportunity to construct permanent pavilions and be integral to the event's legacy, offering prospects for long-term business and investment growth.