Saudi Crown Prince launches New Murabba Development Company to develop world’s largest modern downtown in Riyadh
The PIF-backed company will develop the New Murabba project around the concept of sustainability
His Royal Highness Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister of Saudi Arabia, has announced the launch of the New Murabba Development Company (NMDC), which aims to develop the world’s largest modern downtown in Riyadh. The move will contribute to the city’s future development in line with Saudi Vision 2030.
According to a statement from the Public Investment Fund (PIF), the New Murabba project will be built around the concept of sustainability, featuring green areas, as well as walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities. It will also feature a museum, a technology and design university, a multipurpose immersive theatre, and more than 80 entertainment and culture venues.
His Royal Highness will also be the Chairman of NMDC. The launch of the company is part of PIF’s strategy to unlock the capabilities of promising sectors, enable the private sector and increase local content, contribute to the development of real estate projects and the local infrastructure, and diversify sources of income for the Saudi economy.
The new entity will develop the project and also build the “Mukaab”, an exceptional iconic landmark featuring the latest innovative technologies, the statement explained.
In early February 2023, PIF & AeroFarms signed a deal to develop vertical farms across the MENA region.
The design of the Mukaab includes first-of-its-kind facilities and will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long. The cube shape of the structure will ensure the ultimate utilisation of space to accommodate the technologies necessary to develop the icon.
Inspired by the modern Najdi architectural style, the Mukaab will be the world’s first immersive destination offering an experience created by digital and virtual technology with the latest in holographic technology. The landmark will encompass a tower atop a spiral base, and a structure featuring two million sqm of floor space that will be a premium hospitality destination with a multitude of retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities, the statement noted.
The New Murabba development is expected to add US $47.9bn to non-oil GDP and create 334,000 direct and indirect jobs by 2030. The project is due to be completed in 2030. It will be situated at the intersection of King Salman and King Khalid roads to the North West of Riyadh, over an area of 19sqkm, to accommodate hundreds of thousands of residents.
The project will offer more than 25m sqm of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000sqm of retail space, as well as 1.4m sqm of office space, 620,000sqm of leisure assets, and 1.8m sqm of space dedicated to community facilities.
In early February 2023, PIF said it raised US $5.5bn with its second green bond.
It will also offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system. It will be approximately 20-minutes’ drive from the airport, the statement concluded.
In mid February 2023, PIF said it invested $1.3bn in Saudi construction firms.