https://arab.news/jdjte
RIYADH: New Murabba Co., supported by Saudi Arabia’s Public Investment Fund, is actively pursuing partnerships with advanced technology firms to fulfill the digital needs of Mukaab, a 400-meter skyscraper currently under construction, according to its CEO.
In an interview with Arab News during the eighth Future Investment Initiative summit, Micheal Dyke, CEO of the mixed-use real estate project, emphasized that the company is also looking for long-term collaborations with real estate and industrial partners.
Mukaab, situated in the Qirawan district of Riyadh, stands as one of Saudi Arabia’s most ambitious projects, expected to deliver an immersive shopping, dining, and cultural experience upon its completion.
The development of attractions like Mukaab is essential for Saudi Arabia, as the Kingdom is progressively diversifying its economy and positioning itself as a global tourist and business hub, in alignment with Vision 2030 goals.
“We need partnerships everywhere. Partnerships with stakeholders which we have. We need partnerships from industrial partners. So that, means unless we start to build and develop all of the infrastructure, whether that’s the roads, the cooling, the utilities and the actual real estate itself, we have to do that with partnerships,” said Dyke.
He continued: “The second area of partnership is very much in the technological space to develop the inside of the Mukaab and the immersive dome. The technology today exists, but not at the scale that we’re going to be deploying it. We need to work with the biggest of the best, but also the smartest, most agile, technologically savvy companies to really come together to say, let’s make long-term partnerships.”
Dyke highlighted a third type of partnership needed for New Murabba, which he described as “classic real estate partnerships” that involve investments in assets, the role of sub-developers, and partners in land sales.
According to Dyke, Mukaab is an architectural marvel that will operate 24 hours a day, 365 days a year, necessitating substantial technological support.
“Mukaab is truly a modern-day marvel. It is at a scale of the size that you cannot imagine. People think it’s a building. It’s not a building. It’s the most complex engineering thing ever undertaken by man or woman. In terms of scale, we have 20 Empire State buildings of size within Mukaab. We have the largest roof in the world, which is 16 hectares,” he said.
Dyke revealed that Mukaab will also feature 350,000 square meters of interconnected retail space in its deep basements.
He added that it will house the world’s largest immersive dome, boasting a diameter of 340 meters and a height of 380 meters.
“When you step inside the Mukaab, you will be transported to another world. You will feel in a different place. We have a central tower inside, which is larger than the Eiffel Tower. The tower will be inhabited by people and hospitality at the top. And as we come down to the four spirals at the bottom, that will be effectively world-leading retail, which does not exist today in terms of interactive digital retail,” said Dyke.
The official mentioned that Mukaab can accommodate a quarter of a million people at any given time, with 27,000 people fitting inside the dome and 15,000 in the hospitality area.
Dyke further stated that the New Murabba project is receiving full support and guidance from the government, and progress is being made steadily.
“We are lucky and fortunate that we are 100 percent fully owned by PIF. So what that means is our initial capital injection has come from PIF, but with every healthy financial ecosystem, we have a finite level of capital, and we have high expectations in terms of the return on that investment. So that means we must attract partners,” he added.
During the discussion, Dyke mentioned that by the end of the decade, New Murabba aims to provide over 100,000 housing units, with Mukaab as the city’s main attraction.
He noted that the downtown project will be equipped with various amenities, including facilities for education, hospitality, healthcare, and commercial buildings.
Additionally, Dyke stated that New Murabba will feature 4.5 sq. km of green space, which is two and a half times the size of New York’s Central Park.
Discussing the geographical advantages of the New Murabba project, Dyke remarked: “This is a city, it is not just a development. We have the core downtown which is neatly framed by King Khalid road to the west, King Salman road to the south, and Prince Turki road to the east.”