A well known leading urban destination in Saudi Arabia, also known as New Murabba Development Company, is finally revealing its most anticipated vision at the 2024 MIPIM.
The MIPIM 2024 is a well known real estate event that gathers multiple leaders from all over the world, and is taking place from 12 to 15 March, at the Palais des Festivals, Cannes, France. The goal of this company is to bring in international investments and focus on the economic diversification of the Kingdom.
Currently at the development stage, the New Murabba Development is focusing on the New Murabba Modern Downtown and urban development in Riyadh city. One of the company’s main goals is to bring out the world’s most unique, one-of-a-kind, and contemporary city center, which will be an inspiration to additional futuristic urban developments, aligning perfectly with the Vision 2030.
Preparing for another remarkable development, New Murabba is also working on introducing the Mukaab, which will also be located within the futuristic downtown district. It is currently going through significant progress. It is also important to note that the setting has already taken over more than 4 million cubic meters of material. All things contemporary, Mukaab will include advanced technology and will definitely be known as one of the largest structures in the city, spanning a great 200 meters in height, width and length.
The New Murabba will consist of many remarkable features. Spanning a wide area of more than 27 million sq. m of floor area, 980,000 sq. m of retail space, 1.4 sq. m of office space, 620,000 sq. m. of leisure assets, 1.8 sq. m of community facilities, the space also includes 119,000 residential units and 9,000 hotel room.
With various great features, the structure’s plans and New Murabba’s participation at the MIPIM, strongly aligns with the Kingdom’s Vision 2030, which highlights the importance of diversifying the economy, creating more jobs, and improving the quality of living for individuals and citizens. Anticipated to draw substantial foreign investment, the destination is expected to contribute approximately $50 billion to the non-oil economy and generate 334,000 direct and indirect jobs by the year 2030.
“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, Chief Executive Officer of New Murabba Development Company. “We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony. Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination. New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom’s exciting transformation.”
“We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom’s ambitious diversification goals,” Dyke, added.
New Murabba Development Company’s participation in MIPIM showcases its dedication to Saudi Arabia’s economic diversification. It aims to serve as a model for future urban development, fostering innovation, environmental responsibility, and economic growth. The project also presents significant global opportunities for involvement in its success.
