RIYADH: Saudi Arabia’s Public Investment Fund (PIF) has launched a new company, Expo 2030 Riyadh Co., which will be in charge of developing, managing, and running all aspects of the country’s first World Expo. The event is scheduled to take place from October 1, 2030, to March 31, 2031, on a 6 million square meter area located north of Riyadh and close to the upcoming King Salman International Airport. It is expected that the project will contribute $64 billion to Saudi Arabia’s GDP during its construction and generate around 171,000 jobs, both directly and indirectly. Once it is up and running, the expo is forecasted to contribute $5.6 billion to the national economy and draw in more than 40 million visitors.
Expo 2030 Riyadh Co. (ERC) will partner with local and international companies to oversee construction, cultural activities and event management. The company’s efforts are in line with the PIF’s real estate strategy and Vision 2030’s strategy, which aims for economic diversification, urban innovation, and enhanced quality of life.
Following the expo, the area will change into a “global village,” featuring shops, dining and living spaces, promoting sustainable tourism and innovation. Participating countries get the opportunity to construct lasting pavilions, which will promote continuous investment and international business relationships. The PIF stated that this initiative is a part of its broader plan to diversify the economy and secure sustainable financial growth. Riyadh being chosen as the host city in November 2024 boosts its status as a leading modern capital.
