A property development company backed by Saudi Arabia’s deep-pocketed Public Investment Fund has partnered with the kingdom’s Tourism Development Fund to create "the world’s largest downtown" in Riyadh.
The New Murabba Development Company will work with the tourism fund to create New Murabba, a model for future urban programs to develop the city of Riyadh, the Saudi Press Agency reported. The New Murabba project was announced in February.
Under the agreement, the fund will provide direct financing opportunities through its network of investors and financial partners, SPA reported.
The project is expected to be completed by 2030, in line with Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify the Saudi economy away from its reliance on oil. The downtown project will be “built around the concept of sustainability” and feature green areas, according to the news agency, which said the development is expected to add 180 billion Saudi Arabian riyals ($48 billion) to the kingdom’s non-oil economic output and create 334,000 jobs by 2030.
The downtown will also feature a museum, a technology and design university, an immersive theater and more than 80 entertainment and cultural venues.
The sprawling Mukaab tower will form the center of the new development and serve as a hospitality destination with retail, cultural and tourist attractions along with residential and hotel units, commercial spaces and recreational facilities.
The new downtown will be situated at the intersection of King Salman and King Khalid roads to the northwest of Riyadh over an area of 19 square kilometers (12 miles), to accommodate hundreds of thousands of residents. It is expected to include more than 104,000 residential units, 9,000 hotel rooms and vast areas of retail space as well as office space, leisure assets and areas dedicated to community facilities, SPA reported.
As Saudi Arabia moves ahead with major urban development plans, Egypt is revamping Cairo’s historic downtown area, with work expected to begin in the next few months.
The government-owned Sovereign Fund of Egypt is finalizing plans to revitalize the area after most government ministries have been relocated to the new administrative capital east of the capital.
