New Murabba Development Company (NMDC), a leading urban development destination in Saudi Arabia, will be showcasing its transformative vision at Mipim 2024, a prestigious real estate event which kicks off tomorrow (March 12) at the Palais des Festivals in Cannes, France. 

 

The NMDC is taking part at the four-day gathering of the global industry leaders under the Invest Saudi umbrella.

 

It is currently involved in the development phase of the New Murabba Modern Downtown, a transformative urban project in Riyadh, Saudi Arabia. 

 

NMDC aims to create the world’s most transformative and modern city centre, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030,, said the statement from the Saudi developer.

 

As New Murabba prepares for its groundbreaking development, Mukaab, an iconic landmark within the modern downtown district, is undergoing significant progress. 

 

Notably, the destination has already excavated over 4 million cubic meters of material. Mukaab will feature the latest innovative technology and will be one of the largest built structures in the world (400 meters in height, width, and length).

 

New Murabba will offer more than 27 million sq. km of floor area, 119,000 residential units, 9,000 hotel rooms, 980,000 sq. m of retail space, 1.4 million sq. m of office space, 620,000 sq. m of leisure assets, and 1.8 million sq. m of community facilities.

 

During the expo, NMDC will seek to attract international investment and highlight the kingdom's commitment to economic diversification.

 

"New Murabba represents a pivotal moment in Saudi Arabia’s economic journey," remarked its CEO Michael Dyke. 

 

"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," he stated.

 

According to him, New Murabba’s participation at the expo aligns with the kingdom's ambitious Vision 2030 plan, which aims to diversify the economy, create jobs, and improve the quality of life for its citizens. 

 

Calling upon global investors to be part of this groundbreaking destination, Dyke said it will be shaping the future of a dynamic metropolis and contributing to the kingdom's ambitious diversification goals. 

 

The destination is expected to attract significant foreign investment, add around $50 billion to the non-oil economy, and create 334,000 direct and indirect jobs by 2030, he added.-TradeArabia News Service