On June 19, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), announced the establishment of a wholly-owned subsidiary, Expo 2030 Riyadh Company ("Expo 2030 Riyadh Company", referred to as ERC), which will be responsible for promoting the construction and operation of facilities related to the Saudi Expo 2030 Riyadh.
PIF stated that ERC will not only be responsible for the overall preparation of large-scale events, but will also promote the long-term operation and resource conversion of the project after the exhibition. It will collaborate with domestic and foreign private sectors to carry out construction, event planning, and exhibition operations.
It is reported that Talal H. AlMarri, a former executive at Saudi Aramco, was appointed as the CEO of ERC. While at Saudi Aramco, he was primarily involved in the company’s digital transformation and strategic investments in global markets.
Expo 2030 Riyadh
In November 2023, Riyadh, Saudi Arabia defeated Busan, South Korea and Rome, Italy at the General Assembly of the International Exhibition Bureau (BIE) to win the right to host the 2030 World Expo.
The Saudi delegation stated at the time,Saudi Arabia plans to invest a total of US$7.8 billion to host the 2030 World Expo, of which US$343 million will be used to provide technical support, venue construction, maintenance and other related services to participating countries.
Saudi Investment Minister Khalid Al-Falih pointed out that this expenditure is also part of Saudi Arabia’s promotion of “Vision 2030”.
According to official information, the Riyadh Expo, with the theme of "Foresight for Tomorrow" (literally translated as "Looking to the Future"), will be held from October 1, 2030 to March 31 of the following year.
The park is located in the north of Riyadh, covering an area of 6 million square meters, adjacent to the King Salman International Airport under construction. It is expected to receive more than 40 million visitors and may become one of the largest World Expos in history.
Park concept map
PIF stated that after the World Expo, ERC will transform the closed exhibition area into a "global village" open to the public, introducing multicultural elements and integrating retail, catering and high-end residences.
During the construction phase, the World Expo project is expected to bring an increase of US$64 billion to Saudi Arabia's GDP and create approximately 171,000 direct and indirect jobs. After the park is put into operation, it is expected to further contribute US$5.6 billion to the economy.
In addition to the World Expo, Saudi Arabia also plans to host a number of large-scale international events, including the 2029 Asian Winter Games and the 2034 World Cup. Related infrastructure construction will continue to drive large-scale investment.