Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) announced the launch of a new company to develop transformative giga-projects and landmark real estate initiatives in preparation for the upcoming Expo 2030 Riyadh.

The new firm, Expo 2030 Riyadh Company (ERC), will be responsible for building and operating the facilities for Saudi Arabia’s first World Expo event as well as preserving its legacy.

Announcing the launch, PIF said the masterplan for Expo 2030 Riyadh covers an area of 6 million sq m, making it one of the biggest World Expo sites. The Expo will be located to the north of the city, near the future King Salman International Airport, and have direct connections to the Saudi capital’s landmarks.

Expo 2030 Riyadh will run from October 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.

According to industry experts, 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.

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.

During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute $64 billion to Saudi GDP.