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Saudi’s New Murabba ‘open for international investment’, says CEO

Already making significant strides in laying the groundwork for the iconic Mukaab building, the company has excavated nearly four million cubic metres of material

by Gulf Business

March 19, 2024

Image: New Murabba

The New Murabba Development Company (New Murabba) showcased its ambitious plans for urban redevelopment and invited international investors to participate in the project at the global real estate trade show, MIPIM 2024, in Cannes, France.

In February last year, Saudi Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz launched the company to undertake an ambitious development project: building the world’s largest downtown in Riyadh by 2030.

The project aims to add SAR180bn to the country’s non-oil GDP and create 334,000 direct and indirect jobs by 2030.

New Murabba is developing the project and building the Mukaab, one of the world’s largest structures, standing 400m high, 400m wide, and 400m long.

The structure will include a tower set on a spiral base, and a structure featuring 2 million sqm of floor space, featuring retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.

Read: Saudi launches company to develop world’s largest downtown in Riyadh

Led by CEO Michael Dyke at the show, New Murabba unveiled its vision for transforming urban landscapes, particularly in Riyadh, with a focus on the 19 square kilometre mixed-use development set to redefine the city’s downtown core.

New Murabba calls for global investment

At the show, Dyke emphasised the abundance of opportunities available for global investors eager to partake in the ‘groundbreaking’ venture.

He stressed the importance of private investment in reshaping urban development on a global scale, positioning New Murabba as an attractive proposition for first movers in the market.

Already making significant strides in laying the groundwork for the iconic Mukaab building, the company has excavated nearly four million cubic metres of material.

Aligned with Vision 2030, the company aims to diversify the kingdom’s economy by offering opportunities for global investors seeking to engage with emerging markets.