New Murabba Fronts Saudi Arabia Investment Push

New Murabba Development Company, a prominent player in urban development in Saudi Arabia, is set to unveil its groundbreaking vision at the esteemed 2024 MIPIM event. This prestigious gathering of real estate leaders worldwide will occur from March 12th to 15th at the Palais des Festivals in Cannes, France. Operating under the "Invest Saudi" initiative, New Murabba Development Company aims to draw international investment while showcasing the Kingdom's commitment to economic diversification. At the heart of their presentation is the New Murabba Modern Downtown project, an ambitious urban development endeavour located in Riyadh, Saudi Arabia. This initiative seeks to establish a city centre that transcends boundaries, aspiring to become a global model for urban planning while aligning with the goals outlined in Saudi Vision 2030.

As preparations for the groundbreaking progress, the focal point of the modern downtown district, Mukaab, undergoes significant advancements. Noteworthy milestones include excavating over 4 million cubic meters of material, marking substantial progress towards its realization. Mukaab is envisioned to incorporate cutting-edge technology and stand as one of the world's largest built structures, boasting dimensions of 400 meters in height, width, and length.

The scale of New Murabba's ambition is evident in its offerings, which include over 27 million square kilometres of floor area. This vast space will accommodate 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. New Murabba's presence at MIPIM underscores Saudi Arabia's ambitious Vision 2030 plan, aimed at diversifying the economy, generating employment opportunities, and enhancing the citizens' quality of life. It is anticipated that this development will attract substantial foreign investment, inject approximately $50 billion into the non-oil economy, and create 334,000 direct and indirect job opportunities by the year 2030.

“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, Chief Executive Officer 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.

New Murabba Development Company's participation at MIPIM demonstrates its dedication to promoting Saudi Arabia's economic diversification. New Murabba will set the standard for urban development in the Kingdom, promoting innovation, environmental responsibility, and economic progress. It will also provide chances for global collaboration.