Riyadh, Saudi Arabia– Saudi Crown Prince Mohammad bin Salman bin Abdulaziz Thursday launched the New Murabba Development Company, which aims to develop the world’s largest modern downtown in Riyadh, contributing to the city’s future development in line with Saudi Vision 2030.
The Crown Prince is the chairman of the New Murabba Development Company. The 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.
It will also feature an iconic museum, a technology and design university, a multipurpose immersive theater, and more than 80 entertainment and culture venues.
The project will be situated at the intersection of King Salman and King Khalid roads to the North West of Riyadh, over an area of 19 square kilometers, to accommodate hundreds of thousands of residents.
The project will offer more than 25 million sqm of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sqm of retail space, as well as 1.4 million sqm of office space, 620,000 sqm of leisure assets, and 1.8 million sqm of space dedicated to community facilities.
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-minute drive from the airport.
NMDC will develop the project and build the Mukaab, a landmark featuring the latest innovative technologies. The design of the Mukaab includes first-of-its-kind facilities and will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
The cubic shape of the Mukaab will ensure the ultimate utilization of space to accommodate the technologies necessary to develop the icon.
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.
The Mukaab will encompass a tower atop a spiral base, and a structure featuring 2 million sqm 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.
Saudi sovereign wealth fund PIF said 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.
It is expected to add SAR180 billion to non-oil GDP and create 334,000 direct and indirect jobs by 2030. The project is due to be completed in 2030.