https://arab.news/g69b5
RIYADH: Financing and investment opportunities are set to rise in Saudi Arabia’s new downtown project, with the Tourism Development Fund signing an agreement with New Murabba Development Co.
This memorandum of understanding aims to foster cooperation and contribute to the Kingdom’s social and economic growth by developing New Murabba, situated northwest of Riyadh.
According to the agreement, the fund will explore direct financing or investment opportunities in the project through its partners, investors, or contractors, aligning with its policies and procedures, the Saudi Press Agency reported.
The MoU was signed by Qusai Al-Fakhri, CEO of TDF, and Michael Dyke, CEO of New Murabba Development Co., a subsidiary of the Public Investment Fund.
The collaboration will also include workshops to discuss potential cooperation opportunities, while New Murabba Development Co. will be responsible for qualifying the project’s infrastructure and foundation.
Al-Fakhri emphasized the deal's significance in achieving the goals of Saudi Vision 2030, noting that New Murabba aims to provide an exceptional lifestyle, work, and entertainment experience.
The MoU is an extension of several memoranda and cooperation agreements the fund has signed with the private sector, emphasizing the importance of collaborative work to achieve shared goals.
Al-Fakhri noted that these agreements would support the TDF’s efforts to promote the tourism sector’s growth and diversity, attracting domestic and foreign investments to make tourist destinations a modern lifestyle model that attracts tourists and offers quality experiences.
Dyke said that the deal aims to develop a modern downtown in line with Saudi Vision 2030’s goals noting that New Murabba’s design focuses on sustainability standards and life quality improvement, including green spaces, walking paths, and promoting health and sports concepts.
He added that the project also aims to offer a unique living, working, and entertainment experience within a 15-minute walking radius, along with internal transportation means.
Established in 2022 by Crown Prince Mohammed bin Salman, New Murabba Development Co. plays a crucial role in realizing Saudi Vision 2030. It focuses on developing a modern downtown centered around the iconic Cube building, redefining Riyadh’s cityscape.
This initiative is designed to be a cultural symbol for Riyadh, featuring hotel and residential units, office spaces, and entertainment facilities, all incorporating the latest digital technologies.