Saudi Arabia's New Murabba project to lure global investors, but at what cost?
Ambitious project announcements are becoming an increasingly common feature of Saudi Arabia’s developmental aspirations.
Al-Monitor Pro Members
Dr. Robert Mogielnicki
Senior Resident Scholar, Arab Gulf States Institute in Washington
March 7, 2023
Ambitious project announcements — such as New Murabba and its “immersive, experiential destination” of The Makaab — are becoming an increasingly common feature of Saudi Arabia’s developmental aspirations. New Murabba’s location on the outskirts of the capital Riyadh raises the political stakes associated with the development, increasing the likelihood that strong state support will be forthcoming. Yet many observers question the feasibility of building the “world’s largest modern downtown” by the 2030 deadline given the large supply of other nascent development projects in the country. There is no doubt, however, that New Murabba will further increase the funding obligations of the Public Investment Fund (PIF), the country’s $620 billion sovereign wealth fund.