Imagine a vibrant new heart for Riyadh, poised to become the world’s largest downtown, thanks to a dynamic partnership between Saudi Arabia’s Public Investment Fund-backed property development company and the Tourism Development Fund. This ambitious endeavor aims to transform the cityscape, setting a benchmark for future urban innovations.
The New Murabba Development Company, in collaboration with the tourism fund, is spearheading the creation of New Murabba, a visionary project announced earlier this year. This initiative is strategically aligned with Saudi Arabia’s Vision 2030, a comprehensive plan led by Crown Prince Mohammed bin Salman to diversify the economy beyond oil dependency.
Visionary Urban Development
Scheduled for completion by 2030, New Murabba promises to be a sustainable urban masterpiece, featuring expansive green spaces and state-of-the-art infrastructure. The development is projected to contribute a staggering 180 billion Saudi Arabian riyals ($48 billion) to the non-oil economic sector, while generating 334,000 jobs. This thriving downtown will include a museum, a university dedicated to technology and design, an immersive theater, and over 80 entertainment and cultural venues.
At the core of this transformative project lies the impressive Mukaab tower, envisioned as a hub for hospitality, retail, cultural, and tourist activities. It will offer a blend of residential, commercial, and recreational spaces, catering to the diverse needs of its future residents and visitors.
A New Urban Landmark
Strategically located at the intersection of King Salman and King Khalid roads, northwest of Riyadh, the New Murabba development will span an impressive 19 square kilometers (12 miles). It is designed to accommodate a thriving community with over 104,000 residential units, 9,000 hotel rooms, and extensive retail, office, and leisure facilities.
As Saudi Arabia strides forward with this groundbreaking urban project, neighboring Egypt is embarking on its own journey to revitalize Cairo’s historic downtown. The government-owned Sovereign Fund of Egypt is finalizing plans to rejuvenate the area, following the relocation of government ministries to a new administrative capital.
These parallel developments in Saudi Arabia and Egypt underscore the region’s commitment to urban innovation and economic diversification, presenting exciting prospects for investors and stakeholders worldwide.
