PIF Establishes Expo 2030 Riyadh Company To Enhance Economic Impact And Legacy

The Public Investment Fund (PIF) has unveiled the Expo 2030 Riyadh Company (ERC), a new entity fully owned by PIF. This company is tasked with constructing and managing the facilities for Saudi Arabia's inaugural World Expo, Expo 2030 Riyadh. The event will be held on a vast six million square meter site, located north of Riyadh, near the future King Salman International Airport.

Expo 2030 Riyadh is anticipated to draw over 40 million visitors. Following the event, ERC plans to convert the Expo area into a global village. This transformation aims to create a multicultural hub featuring retail outlets, dining options, and an international residential community with top-tier amenities. The initiative seeks to set new benchmarks in sustainable tourism.

PIF continues its mission to generate economic benefits for Saudi Arabia while ensuring sustainable returns. As one of the world's most influential investors, PIF plays a crucial role in diversifying Saudi Arabia's economy and fostering key sectors that influence the global market. The fund spearheads transformative giga-projects and significant real estate developments across the nation.

Saad Alkroud, Head of PIF's Local Real Estate Investment Division, stated: "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 rapidly initiating operations to meet its objectives. It will collaborate with both local and international private sectors to achieve its construction, cultural programming, and event management targets. The Expo is expected to enhance Riyadh's appeal to global businesses by showcasing its rapid transformation into a capital that prioritises sustainability, connectivity, and quality of life.

Awarded hosting rights in November 2024 after winning the first-round vote, Expo 2030 Riyadh is set to significantly impact Saudi Arabia's economy. During its construction phases alone, it is projected to contribute approximately $64 billion to the country's GDP and create around 171,000 direct and indirect jobs.

Long-term Opportunities for Growth

Once operational, Expo 2030 Riyadh is expected to add about $5.6 billion annually to GDP. Participating countries will have opportunities to construct permanent pavilions as part of the event's enduring legacy. This offers prospects for sustained business growth and investment opportunities long after the Expo concludes.

The establishment of ERC aligns with PIF’s broader strategy for local real estate development. This approach supports economic transformation through urban innovation while improving living standards in line with Saudi Vision 2030's ambitious objectives.

With inputs from SPA