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Saudi Crown Prince Mohammad bin Salman has launched the New Murabba Development Company (NMDC), which aims to develop the world’s largest modern downtown in Riyadh, the Public Investment Fund (PIF) said in a press statement.
The New Murabba project will be situated at the intersection of King Salman and King Khalid roads to the North West of Riyadh, covering an area of 19 square kilometres. It will offer more than 25 million square metres (sqm) of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sqm of retail space.
In addition, the scheme will house 1.4 million sqm of office space, 620,000 sqm of leisure assets, and 1.8 million sqm of space dedicated to community facilities.
The project will be built around the concept of sustainability, featuring green areas, as well as walking and cycling paths to enhance the quality of life.
An iconic museum, a technology and design university, an immersive multipurpose theatre, and more than 80 entertainment and culture venues will be part of the downtown.
The New Murabba project will have its own internal transport system and will be approximately a 20-minute drive from the airport.
NMDC will develop the project and build the “Mukaab,” a Najdi-inspired landmark showcasing the latest innovative technologies in one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
The “Mukaab” will encompass a tower atop a spiral base and a structure featuring 2 million sqm of floor space that will be a premium hospitality destination.
The project is expected to add SAR180 billion to Saudi's non-oil GDP and create 334,000 direct and indirect jobs by 2030.
The mega project is due to be completed in 2030, the statement said.
The launch of NMDC is part of PIF’s strategy to unlock the capabilities of promising sectors, enable the private sector and increase local content, contribute to the development of real estate projects and the local infrastructure, and diversify sources of income for the Saudi economy.
(Writing by D Madhura; Editing by Anoop Menon)
