RIYADH: Saudi Arabia’s Public Investment Fund has launched Expo 2030 Riyadh Co., a wholly owned entity tasked with developing, managing, and operating the infrastructure and programming for the Kingdom’s first World Expo.
During its development phases, the project is projected to contribute $64 billion to Saudi Arabia’s gross domestic product and generate around 171,000 direct and indirect jobs. Once operational, it is expected to add $5.6 billion to the national economy.
According to an official release on Thursday, the newly established company will play a pivotal role not only in executing the large-scale event but also in preserving its long-term legacy.
Known as ERC, the company will fast-track operations to meet its ambitious mandate. It plans to collaborate with both local and international private sector partners to deliver on construction, cultural programming, and event management goals.
“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,” said Saad Al-proud, head of PIF’s Local Real Estate Investment Division.
