PHOTO
New Murabba Development Company (NMDC), owned by Saudi Arabia’s sovereign-backed Public Investment Fund (PIF), has partnered with the kingdom’s Tourism Development Fund (TDF) to create ‘the world’s largest downtown’ in Riyadh.
The two entities will work together to create the New Murabba, a modern downtown development, which will serve as a model for future urban programmes that will contribute towards Riyadh city’s evolution, a release said.
As part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors.
Michael Dyke, CEO, NMDC, said New Murabba will incorporate green spaces, provide an extensive network of walking paths and promoting healthy living.
At the centre of the development will be The Mukaab tower, with a Najdi-inspired project, featuring a tower atop a spiral base and a structure comprising 2 million sqm of floor space, which will serve as hospitality destination with retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.
According to the Saudi Press Agency, this project is expected to add 180 billion Saudi Arabian riyals ($48 billion) to the kingdom’s non-oil GDP and create 334,000 direct and indirect jobs by 2030.
(Writing by Bindu Rai, editing by Seban Scaria)
