https://arab.news/6e4wf
New Murabba Development Company, a fully owned subsidiary of the Public Investment Fund, is showcasing its transformative vision at the MIPIM 2024, a prestigious real estate event gathering industry leaders from across the globe, currently underway at the Palais des Festivals, Cannes, France. Under the “Invest Saudi” umbrella, New Murabba Development Company aims to attract international investment and highlight the Kingdom’s commitment to economic diversification.
New Murabba Development Company is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh. The company is creating the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.
As New Murabba prepares for its groundbreaking development, Mukaab, an iconic landmark within the modern downtown district, is undergoing significant progress. Notably, the destination has already excavated more than 4 million cubic meters of material. Mukaab will feature the latest innovative technology and will be one of the largest built structures in the world, measuring 400 meters each in height, width, and length.
New Murabba will offer more than 27 million square meters of floor area, 119,000 residential units, 9,000 hotel rooms, 980,000 square meters of retail space, 1.4 million square meters of office space, 620,000 square meters of leisure assets, and 1.8 million square meters of community facilities.
The company’s participation at MIPIM aligns with the Kingdom’s ambitious Vision 2030 plan, which aims to diversify the economy, create jobs, and improve the quality of life for its citizens. The destination is expected to attract significant foreign investment, add around $50 billion to the non-oil economy, and create 334,000 direct and indirect jobs by 2030.
“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, CEO of New Murabba Development Company. “We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony. Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination. New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom’s exciting transformation.”
“We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom’s ambitious diversification goals,” Dyke added.