News DeskRiyadh, Saudi Arabia – In a significant stride towards realizing Riyadh’s ambitious urban development goals, the New Murabba Development Company (NMDC) has joined forces with the Tourism Development Fund (TDF) through the signing of a Memorandum of Understanding (MoU). This landmark agreement is set to pave the way for the creation of New Murabba, slated to be the world’s largest modern downtown area, aligning with the visionary objectives of Saudi Arabia’s Vision 2030 initiative.
The partnership between NMDC and TDF signifies a pivotal moment in urban development, as both entities commit to spearheading the transformation of Riyadh into a global epicenter of innovation and economic prosperity. Under the MoU, TDF will offer direct financing opportunities and leverage its extensive network of partners and investors to bolster NMDC’s access to expertise, resources, and investment capabilities.
New Murabba, envisioned as a vibrant hub where people live, work, and leisurely engage, aims to position Saudi Arabia as a premier investment destination. It aspires to become a nexus of tourism and hospitality, characterized by a dynamic tech ecosystem, conducive business environment, and inclusive society.
Speaking on the collaboration, Qusai bin Abdullah Al-Fakhri, CEO of TDF, expressed his enthusiasm, stating, “This partnership with the New Murabba Development Company signifies a forward-looking approach to urban development, consolidating Riyadh’s stature as a global commercial and financial powerhouse. In line with Vision 2030, our concerted efforts aim to enhance the city’s appeal, offering unparalleled living, working, and entertainment experiences.”
Echoing these sentiments, Michael Dyke, CEO of NMDC, highlighted the transformative potential of New Murabba, emphasizing its role in diversifying Saudi Arabia’s economy and driving innovation. He affirmed, “New Murabba will serve as a beacon of progress, showcasing Saudi excellence to the world. Our commitment to sustainability and community well-being underscores our vision for a modern, inclusive urban landscape.”
At the heart of New Murabba stands the Mukaab, a breathtaking architectural marvel inspired by Najdi design principles. Spanning 2 million square meters, this iconic structure will house a range of amenities, including hospitality, retail, cultural, and residential facilities, further enhancing Riyadh’s skyline and tourist appeal.
Established in 2022 and chaired by His Royal Highness Crown Prince Mohammed bin Salman, NMDC is wholly owned by the Public Investment Fund (PIF), underscoring the government’s commitment to driving forward-looking urban development initiatives.
With its focus on fostering tourism investments and facilitating sustainable growth, TDF continues to play a pivotal role in realizing the objectives outlined in Vision 2030 and the National Tourism Strategy, reinforcing Saudi Arabia’s position as a global leader in innovation and progress.
As Riyadh embarks on this transformative journey, New Murabba emerges as a testament to the Kingdom’s unwavering dedication to shaping a prosperous, sustainable future for its citizens and visitors alike.
