The New Murabba Development Company (NMDC), a fully-owned subsidiary of Saudi sovereign wealth fund PIF (Public Investment Fund), has announced the appointment of Michael Dyke as its new CEO effective January 8, 2024. 

 

Dyke brings a wealth of experience leading large-scale business enterprises and projects across multiple sectors and geographies and is currently a member of Balfour Beatty’s Group Executive Committee, responsible as CEO for the company’s interests in HS2, Europe’s largest infrastructure project.

 

Dyke is a recognized leader in the field of large-scale infrastructure and is passionate about people, customers and stakeholders, innovation and sustainability.

 

NMDC, which was launched earlier this year, aims to create the world’s largest, modern, vibrant and sustainable downtown in Riyadh, New Murabba, that will serve as a model for future urban development contributing to the city’s future development in line with Saudi Vision 2030.

 

Under this new arrangement, acting CEO Sabah Barakat will continue to support NMDC with his role as Senior Director at PIF.

 

NMDC board commended Barakat for the significant progress he had made in a short period of time. 

 

The company has achieved multiple milestones during this short period, including establishment of the core management team, development of the concept master plan, progressing the Mukaab design, awarding of 3 major project management contracts, commencement of the site works, and the excavation of over 2 million cubic meters of material at the Mukaab to date, the central icon at the heart of New Murabba, stated the board.

 

On his new role, Dyke said: "I am honoured to be appointed CEO of New Murabba Development Company and to have the opportunity to lead the development of Riyadh’s new downtown."

 

A seasoned infrastructure Chief Executive, Dyke boasts over 35 years of experience leading large-scale business enterprises and projects across multiple sectors and geographies, having held senior positions at EDF, National Grid, Lend Lease, Skanska and Balfour Beatty, where he is currently a member of the Group Executive Committee, responsible as CEO for the company’s interests in HS2, Europe’s largest infrastructure project. 

 

"And I’m confident that with the full support of all stakeholders and the hard work and dedication of our team, we will create a world-class destination that will benefit the people of Riyadh and Saudi Arabia for generations to come; as well as attracting international visitors," he added.-TradeArabia News Service