Saudi Arabia has announced the launch of a new development company - New Murabba Development Company - that will be instrumental in setting up the world’s largest modern downtown at Riyadh, contributing to the city’s future development in line with Saudi Vision 2030.

 

Unveiling the mega project today (February 16), His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the New Murabba Development Company (NMDC), said the New Murabba project will be built around the concept of sustainability, featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities. 

 

Situated at the intersection of King Salman and King Khalid roads to the northwest of Riyadh over an area of 19 sq km, the project will accommodate hundreds of thousands of residents. 

 

The New Murabba project will offer more than 25 million sq m of floor area, featuring over 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sq m of retail space, as well as 1.4 million sq m of office space, 620,000 sq m of leisure assets, and 1.8 million sq m of space dedicated to community facilities.

 

It will also feature an iconic museum, a technology and design university, a multipurpose immersive theatre, and more than 80 entertainment and culture venues, he added.

 

Prince Mohammad bin Salman said the New Murabba project will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system. It will be approximately 20-minutes drive from the airport. The project is due to be completed in 2030.

 

"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," he stated. 

 

It is expected to add SR180 billion ($47.93 billion) to non-oil GDP and create 334,000 direct and indirect jobs by 2030. 

 

According to PIF, the new company will develop the project and build the “Mukaab”, an exceptional iconic landmark featuring the latest innovative technologies. 

 

The “Mukaab” will include first-of-their-kind facilities and will be one of the largest built structures in the world, standing 400 m high, 400 m wide, and 400 m long. The cubic shape of the “Mukaab” will ensure the ultimate utilisation of space to accommodate the technologies necessary to develop the icon, it stated. 

 

Inspired by the modern Najdi architectural style, the “Mukaab” will be the world’s first immersive destination offering an experience created by digital and virtual technology with the latest holographics, said the statement. 

 

The “Mukaab” will encompass a tower atop a spiral base, and a structure featuring 2 million sq m of floor space that will be a premium hospitality destination with a multitude of retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities, it added.-TradeArabia News Service