April 15, 2024
PRESS RELEASES GCC Saudi Arabia

Crown Prince Of Saudi Arabia Launches New Murabba Development Company To Transform Downtown Riyadh

The Crown Prince Mohammed bin Salman of the Kingdom has announced the establishment of the New Murabba Development Co., which will build a new residential, commercial, and entertainment district in the centre of Riyadh. The New Murabba project’s design focuses on sustainability, with green spaces and paths for walking and biking that will improve residents’ quality of life by encouraging healthy lifestyles and community activities.

The New Murabba Development Co

The project will also include a multipurpose theatre, an iconic museum, and a university specializing in technology and design. It will also include more than 80 entertainment and cultural venues. The project, which will cover 19 square kilometres and its location will be at the intersection of King Khalid and King Salman roads in the northwest of Riyadh, is anticipated to house hundreds of thousands of people. 

The New Murabba will cover more than 25 million sq. km of floor space, including 104,000 residential units, 980,000 square meters of retail space, and 9,000 hotel rooms. It will also have 620,000 square meters of leisure assets, 1.8 million square meters of community facilities, and around 1.4 million square meters of office space. The project will have its internal transportation system and a 15-minute walking radius from the airport.

The area will be home to the Mukaab, a landmark that boasts cutting-edge innovations. It will also be one of the world’s largest man-made structures at 400 meters in length, 400 meters in height, and 400 meters in width, taking a cubic shape to efficiently use the available area. The Mukaab, which takes its cues from the cutting-edge Najdi architectural style, will be the first fully immersive tourist destination to utilize cutting-edge digital and virtual technologies and holographic displays.

The tower will sit atop a spiralling base, and the entire structure will span 2 million square meters. It will be a luxury hotel and entertainment complex with shops, museums, restaurants, and other visitor amenities. The project is an integral part of the Public Investment Fund’s strategy. This strategy aims to increase local content, empower the private sector, develop local real estate and infrastructure, and diversify the Saudi economy’s revenue streams. The government aims to inject around $50 billion into the non-oil economy, and an estimated 334,000 new direct and indirect jobs will be created by 2030. They expect to complete the project by the year 2030.

Conclusion

The Saudi Crown Prince’s establishment of the Murabba Development Company is a clear sign that the Saudi government is committed to revitalizing central Riyadh through environmentally friendly and strategically planned new construction. Such initiatives can positively impact the quality of life for residents, create jobs, and improve the economy.

Last Updated on 3 weeks by newseditor

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