PIF sets up new company to build, operate Expo 2030 Riyadh facilities

The Public Investment Fund (PIF) announced today, June 19, the launch of Expo 2030 Riyadh Co. (ERC), a wholly owned subsidiary tasked with developing and operating the Expo 2030 Riyadh site’s facilities — being the first-of-its-kind event to be hosted in Saudi Arabia.

According to a PIF statement, ERC will oversee the construction and long-term investment of the Expo’s facilities. This is besides preserving the legacy of the event.

The project’s masterplan spans six million square meters in northern Riyadh, adjacent to the upcoming King Salman International Airport, making it one of the largest-ever Expo sites.

The venue will also feature direct connections to several major landmarks in the Saudi capital.

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 Expo event, ERC will transform the site’s gates area into a global village, serving as a multicultural hub for retail, food and beverage, surrounded by a world-class residential community designed to set new standards 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 is bound to capatilize on PIF’s diverse local and global portfolio. The initiative aligns with PIF’s local real estate strategy, Saad Alkharoud, Head of Local Real Estate Investment Division at PIF, said.

During the construction phase, the total contribution of Expo 2030 Riyadh and its infrastructure to Saudi GDP is projected to reach approximately SAR 241 billion, generating around 171,000 direct and indirect jobs.

Once operational, it is forecast to contribute nearly SAR 21 billion to the Kingdom’s GDP, the statement added, pointing out that participating countries will also have the opportunity to build permanent pavilions and be part of the event’s legacy.