Latest news with #KingSalmanInternationalAirport
Gulf Business
6 hours ago
- Business
- Gulf Business
PIF launches new company to deliver Expo 2030 Riyadh
Public Investment Fund (PIF) on June 19 announced the launch of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, to build and operate the facilities for Expo 2030 Riyadh – Saudi Arabia's first World Expo. ERC will also be responsible for preserving the legacy of the event. Read- The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites. Located to the north of the city, the site will be near the future King Salman International Airport and directly connected to key landmarks across the Saudi capital. Long-term vision and legacy Expo 2030 Riyadh is expected to attract more than 40 million visits. Following the event, ERC will lead the transformation of the Expo's gated area into a global village. This multicultural hub will feature retail, dining, and residential spaces with world-class amenities, aiming to set new benchmarks for sustainable tourism and urban living, PIF continues to deliver on its strategic mandate: achieving sustainable economic impact for Saudi Arabia while securing long-term returns. As one of the world's most influential investors, PIF is at the forefront of Saudi Arabia's economic diversification, driving the development of transformative giga-projects and landmark real estate initiatives. Strategic partnerships and operational readiness ERC is rapidly initiating operations to fulfill its mission. It will work closely with local and international private sector partners across construction, cultural programming, and event management to realize Expo 2030 Riyadh's full potential. Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031. It will enhance Riyadh's appeal to global businesses, underlining its status as one of the world's fastest-transforming capitals—offering sustainability, connectivity, and high quality of life at scale. Riyadh secured hosting rights for Expo 2030 in November 2023, winning the vote in the first round. Economic impact and job creation During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute approximately $64 billion to Saudi Arabia's GDP and create around 171,000 direct and indirect jobs. Once operational, the Expo is expected to contribute about $5.6 billion annually to GDP. Participating countries will have the option to construct permanent pavilions, contributing to the event's enduring legacy. The Expo will serve as a platform for sustained business and investment opportunities, both regionally and globally.
Khaleej Times
a day ago
- Business
- Khaleej Times
Saudi sovereign fund PIF launches new company to run Expo 2030
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 metres 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 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 faces lower oil prices. 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.
Zawya
a day ago
- Business
- Zawya
PIF launches new company to deliver Expo 2030 Riyadh
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 – 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. For media inquiries: PIF Media Relations Email: media@ Website: Rupert Trefgarne: rtrefgarne@
Argaam
a day ago
- Business
- Argaam
PIF launches company to build, operate Expo 2030 Riyadh site
The Public Investment Fund (PIF) announced today, June 19, the launch of Expo 2030 Riyadh Co., a wholly owned subsidiary tasked with developing and operating the Expo 2030 Riyadh site—the first of its kind to be hosted in the Kingdom. According to a statement from PIF, the company will oversee the construction and long-term investment of the Expo's facilities. The project's master plan spans six million square meters in northern Riyadh, adjacent to the upcoming King Salman International Airport, making it one of the largest Expo sites across the event's history. The venue will be directly connected to several major landmarks in the capital, moreover. 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 event, the company will transform the site into a global village—a multicultural hub featuring retail and dining destinations, surrounded by a world-class residential community designed as a model 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 would benefit from the fund's diverse local and global portfolio. The initiative aligns with PIF's broader real estate strategy, Saad Alkharoud, Head of Local Real Estate Investments at PIF, said. The total contribution of Expo 2030 Riyadh and its infrastructure to Saudi Arabia's GDP during the construction phase is projected to reach approximately SAR 241 billion, while the event is expected to create around 171,000 direct and indirect jobs. The operational phase is forecast to contribute nearly SAR 21 billion to the Kingdom's GDP, the statement added, pointing out that the participating countries will also have the opportunity to build permanent national pavilions as part of the hub's sustainable infrastructure.
Yahoo
09-06-2025
- Business
- Yahoo
Mace Group reports revenue of $3.2bn in 2024
Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024. The company's operating profit for the year stood at £50.7m. Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time. Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026. In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn. Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult's appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region. The Construct division, which primarily operates in the UK, faced a more challenging year in 2024. Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park. Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge. A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors. This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making. Mace Group's 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule. Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific. Mace Group chief executive Jason Millett said: '2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group. "We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 'We enter 2025 with a strong pipeline and an enhanced leadership team, and are well-positioned as we look towards 2030 and beyond.' "Mace Group reports revenue of $3.2bn in 2024" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
