The New Murabba Development Company, which aims to create the largest modern downtown city in Riyadh and contribute to the city’s future development in line with Saudi Vision 2030, was officially launched on February 16 by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the New Murabba Development Company (NMDC).
In accordance with Saudi Vision 2030, His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the New Murabba Development Company (NMDC), has announced the establishment of the New Murabba Development Company. The company’s goal is to create the largest modern downtown area in Riyadh.
The New Murabba project will be constructed around the idea of sustainability and include green spaces, walking and cycling paths that will improve the quality of life by encouraging active, healthy lifestyles and social interactions. Along with more than 80 entertainment and cultural venues, it will include an iconic museum, a university for technology and design, a multipurpose immersive theater, and more.
To accommodate hundreds of thousands of residents, the project will build over 19-square-kilometer areas at the intersection of King Salman and King Khalid roads to the north west of Riyadh. More than 104,000 residential units, 9,000 hotel rooms, more than 980,000 square meters of retail space, 1.4 million square meters of office space, 620,000 square meters of leisure assets, and 1.8 million square meters devoted to community facilities will be included in the project’s more than 25 million square meters of floor area.
The New Murabba project will provide a unique living, working, and entertainment experience within a 15-minute walking radius and will have its own internal transportation system. It will be about a 20-minute drive from the airport.
The “Mukaab,” an exceptional iconic landmark equipped with the most cutting-edge innovative technologies, will be built by NMDC under the project’s development. The “Mukaab” will stand 400m high, 400m wide and 400m long, making it one of the world’s largest built structures. The design of the “Mukaab” incorporates first-of-their-kind facilities. The “Mukaab’s” cubic shape will ensure maximum utilization of space to accommodate the technologies required to develop the icon.
The “Mukaab,” inspired by modern Najdi architectural style, will be the world’s first immersive destination, giving an experience developed by digital and virtual technology with the most advanced holographics. The “Mukaab” will include a tower atop a spiral base, as well as a structure with 2 million square meters of floor space that will be a premium hospitality destination with a variety of retail, cultural, and tourist attractions, as well as residential and hotel units, commercial spaces, and recreational facilities.
The establishment of NMDC is part of PIF’s goal to unleash the possibilities of promising sectors, empower the private sector and expand local content, contribute to the development of real estate projects and local infrastructure, and diversify the Saudi economy’s sources of revenue. It is estimated to increase non-oil GDP by SAR180 billion and generate 334,000 direct and indirect employment by 2030. The project is scheduled to be finished in 2030.
Sourced from Saudi Press Agency