Saudi Arabia Unveils New Expo 2030 Riyadh Company

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), announced the establishment of a new enterprise called Expo 2030 Riyadh Company on Thursday. This company is tasked with overseeing the construction and management of facilities for the upcoming Expo 2030 world fair. The proposed masterplan will span six million square meters near the future King Salman International Airport, symbolizing another step in the nation's diversification strategy.

Part of the Vision 2030 initiative, the Gulf Kingdom is investing heavily in various sectors, including tourism, to reduce reliance on oil income. Expo 2030 presents another ambitious construction endeavor with a tight deadline. This event aligns with Saudi Arabia's strategy despite economic challenges posed by fluctuating oil prices.

Facing a growing budget shortfall, Riyadh needs oil prices to exceed $90 per barrel for fiscal balance, amid recent price hikes in the mid-seventies. The country is also focused on hosting multiple major international events like the 2029 Asian Winter Games and the 2034 World Cup. Expo 2030 Riyadh is expected to attract over 40 million visitors and contribute approximately $5.6 billion to the nation's GDP.

(With inputs from agencies.)