Saudi Arabia’s PIF has announced the creation of the Expo 2030 Riyadh Company (ERC) to oversee the construction and management of the facilities for Expo 2030 Riyadh, Saudi Arabia’s inaugural World Expo. The company will also be responsible for ensuring the preservation of the event’s legacy.
The masterplan for Expo 2030 Riyadh encompasses an area of six million sqm, positioning it as one of the largest World Expo sites. The Expo will be situated to the north of the city, in proximity to the King Salman International Airport, and will provide direct access to the Saudi capital’s landmarks.
Expo 2030 Riyadh is anticipated to attract over 40m visitors. Following the conclusion of the event, ERC will embark on a transformative journey to convert the Expo’s gated area into a global village, serving as a multicultural hub for retail, gastronomy, and beverages. The development will encompass an international residential community with amenities, establishing new standards in sustainable tourism, said a statement.
PIF said that it remains steadfast in its strategic objective of achieving economic impact for Saudi Arabia, while securing sustainable returns. As one of the investors, PIF has accelerated Saudi Arabia’s economic diversification, facilitating the emergence of pivotal sectors and opportunities that contribute to the global economy. Notably, PIF leads the development of transformative giga-projects and landmark real estate initiatives throughout 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 said that it is promptly initiating operations to fulfill its mandate. It will collaborate with local and global private sector entities to attain its objectives in the areas of construction, cultural programming, and event management, the statement concluded.
PIF launches Expo 2030 Riyadh Company Middle East Construction News.
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