New Murabba Development Company has signed an MoU with the Tourism Development Fund to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world’s largest, modern downtown, serving as a model for future urban development and contributing toward Riyadh city’s evolution, in line with Vision 2030.
NMDC’s strategic partnership with TFD aims to fulfill Saudi Arabia’s potential as a leading investment destination — a go-to tourism and hospitality hotspot distinguished by a thriving tech ecosystem, an enabling business environment and a diverse and welcoming society.
The MoU was signed by NMDC CEO Michael Dyke and TDF CEO Qusai bin Abdullah Al-Fakhri. As part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors.
Al-Fakhri said: “We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life, an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world. This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”
He added: “In line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh, one that adds to the richness of the Kingdom’s inspiring story of transformation. Together, we aim to create a modern downtown in the Saudi capital that provides even greater access to exceptional living, working and entertainment experiences. Representing the very best of Saudi excellence, we believe New Murabba will attract tourists — as well as investors — to the Kingdom, and improve citizens’ and residents’ quality of life.”
NMDC CEO Dyke said: “New Murabba will be a gateway to the future. We are confident that our partnership with TDF will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030. Together, we will create groundbreaking opportunities that will elevate the Saudi tourism landscape and drive New Murabba to the forefront of global innovation.”
He added: “Reflecting our commitment to the community and the environment, New Murabba has been designed in accordance with internationally established best practices and sustainability standards, incorporating green spaces, providing an extensive network of walking paths and promoting healthy living. Our goal is to make New Murabba a truly exceptional place to live, work, play, and visit. We will offer convenient access to a wide range of amenities and experiences that will enhance the lives of residents and visitors, fostering a sense of security and well-being. Accessibility is also a top priority for us, with New Murabba being just 20 minutes away from King Khalid International Airport by car. The Mukaab — a new architectural wonder — will, of course, serve as the centerpiece of New Murabba, redefining Riyadh’s skyline from the outside, while presenting a truly jaw-dropping experience within the inside.”
Established in 2022, NMDC is wholly owned by the Public Investment Fund, with its board of directors being chaired by Crown Prince Mohammed bin Salman.
