Latest news with #Expo2030RiyadhCompany
Mid East Info
16 hours ago
- Business
- Mid East Info
PIF launches new company to deliver Expo 2030 Riyadh - Middle East Business News and Information
Expo 2030 Riyadh Company will develop Expo as a model for sustainable tourism, and preserve the event's legacy 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 – June, 2025 – 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.
Dubai Eye
a day ago
- Business
- Dubai Eye
Saudi PIF launches new company to deliver Expo 2030
Saudi Arabia's sovereign wealth fund PIF has launched a new unit that will be responsible to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo. Expo 2030 Riyadh Company (ERC) will develop Expo as a model for sustainable tourism and preserve the event's legacy. The masterplan for Expo 2030 Riyadh covers an area of 6 million square metres, making it one of the biggest World Expo sites. It will be located 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 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, and setting new standards in sustainable tourism. 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 October 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. 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. #PIF today announced the launch of Expo 2030 Riyadh Company (ERC), #aPIFcompany to build and operate the facilities of #Expo2030Riyadh - Saudi Arabia's first World Expo - as well as preserving the legacy of the event. Learn more: — Public Investment Fund (@PIF_en) June 19, 2025
ARN News Center
a day ago
- Business
- ARN News Center
Saudi PIF launches new company to deliver Expo 2030
Saudi Arabia's sovereign wealth fund PIF has launched a new unit that will be responsible to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo. Expo 2030 Riyadh Company (ERC) will develop Expo as a model for sustainable tourism and preserve the event's legacy. The masterplan for Expo 2030 Riyadh covers an area of 6 million square metres, making it one of the biggest World Expo sites. It will be located 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 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, and setting new standards in sustainable tourism. 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 October 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. 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. #PIF today announced the launch of Expo 2030 Riyadh Company (ERC), #aPIFcompany to build and operate the facilities of #Expo2030Riyadh - Saudi Arabia's first World Expo - as well as preserving the legacy of the event. Learn more: — Public Investment Fund (@PIF_en) June 19, 2025
Cision Canada
a day ago
- Business
- Cision Canada
PIF launches new company to deliver Expo 2030 Riyadh
Expo 2030 Riyadh Company will develop Expo as a model for sustainable tourism, and preserve the event's legacy 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, Saudi Arabia, June 19, 2025 /CNW/ -- 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. This material is distributed by Teneo Strategy LLC on behalf of the PIF. Additional information is available at the Department of Justice, Washington, DC.
Reuters
a day ago
- Business
- Reuters
Saudi PIF launches new company to run Expo 2030
DUBAI, June 19 (Reuters) - Saudi Arabia's $925 billion sovereign wealth fund PIF said on Thursday it had launched a new unit that will be responsible to build and operate the facilities for the Expo 2030 world fair. The company will be called Expo 2030 Riyadh Company, PIF said in a statement to Reuters, adding that the masterplan for the project covered an area of 6 million square meters to the north of the city, close to the future King Salman International Airport. Expo 2030 is set to take place the same year Saudi Arabia's de-facto ruler Crown Prince Mohammed Bin Salman's economic diversification plan culminates. Under the programme, dubbed Vision 2030, the Gulf country is pouring billions in sectors including tourism to wean its economy off oil revenues. Expo 2030 represents another large-scale building project that the kingdom has committed to on a strict deadline, even as its economy has been hamstrung by lower oil prices. The kingdom faces a widening budget deficit with the International Monetary Fund saying Riyadh needs a price of oil of over $90 per barrel to balance its books. Oil prices have jumped to mid-seventies in recent weeks as investors weighed the chance of supply disruptions from the Iran-Israel conflict. Saudi Arabia is committed to hosting several other large international events in succession, each of which require significant spending on construction and development, including the 2029 Asian Winter Games and the 2034 World Cup. Expo 2030 Riyadh is projected to attract more than 40 million visits and, once operational, it is expected to contribute around $5.6 billion to Saudi Arabia's GDP, PIF said.
