Latest news with #SaadAlkroud
ME Construction
23-06-2025
- Business
- ME Construction
PIF launches Expo 2030 Riyadh Company
Industry News PIF launches Expo 2030 Riyadh Company By The company will develop Expo as a model for sustainable tourism, and preserve the event's legacy and is projected to contribute $70 billion to Saudi's GDP 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.
Mid East Info
20-06-2025
- 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.
Korea Herald
19-06-2025
- Business
- Korea Herald
PIF launches new company to deliver Expo 2030 Riyadh
RIYADH, Saudi Arabia, June 19, 2025 /PRNewswire/ -- 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.
Arabian Business
19-06-2025
- Business
- Arabian Business
PIF launches Expo 2030 Riyadh Company to build landmark giant World Expo site
Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of Expo 2030 Riyadh Company (ERC), a wholly owned entity tasked with developing, operating, and sustaining Saudi Arabia's first World Expo — Expo 2030 Riyadh. The Expo, set to run from October 1, 2030 to March 31, 2031, will take place on a vast 6 million square metre site north of Riyadh, near the upcoming King Salman International Airport. Strategically connected to the city's major landmarks, the Expo site is positioned to become a future-facing, multicultural destination aligned with Saudi Vision 2030. PIF launches Expo 2030 Riyadh Company Key highlights from the Expo 2030 Riyadh project: More than 40m visits expected during the Expo event Estimated $64bn contribution to Saudi Arabia's GDP during construction phases Around 171,000 direct and indirect jobs projected to be created Post-event GDP contribution expected to be $5.6bn annually Participating countries can construct permanent pavilions, ensuring long-term investment potential Plans to transform the Expo site into a global village, integrating retail, F&B, sustainable tourism, and a world-class residential community 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.' Following Riyadh's successful bid to host the World Expo — secured in the first round of voting in November 2024 — ERC is already fast-tracking operations. The company will collaborate with both local and international private sector partners to deliver on construction, cultural programming, and operational readiness. The legacy-focused approach of Expo 2030 Riyadh reflects PIF's broader mandate: to catalyse Saudi Arabia's economic diversification, generate sustainable returns, and establish transformative giga-projects that shape the future of the global economy. As one of the largest World Expo sites in history, Expo 2030 Riyadh is set to cement the Saudi capital's position as a leading global business, culture, and innovation hub.
Cision Canada
19-06-2025
- 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.
