Dubai, UAE
Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) on Thursday said, it will develop a new urban township in a suburb in its capital city Riyadh that will be spread across 19 square kilometres and add US$48 billion (SAR180 billion) to non-oil GDP and create 334,000 direct and indirect jobs by 2030.
This grand project will offer more than 25 million square metres of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sqm of retail space, as well as 1.4 million square metres of office space, 620,000 square metres of leisure assets, and 1.8 million square metres of space dedicated to community facilities.
The project will feature an iconic museum, a technology and design university, a multipurpose immersive theater, and more than 80 entertainment and culture venues. It will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system.
Situated at the intersection of King Salman and King Khalid roads to the North-West of Riyadh, approximately 20 minutes drive from the airport, this 19 square kilometers area will accommodate hundreds of thousands of residents. The project will be built around the concept of sustainability, featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities.
In order to achieve this, the PIF has launched a company the New Murabba Development Company (NMDC) in Riyadh aiming to develop what it calls ‘theworld’s largest modern downtown’, in line withSaudi Vision 2030.
Saudi Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of NMDC launched the company.
NMDC will develop the project and build the Mukaab, an exceptional iconic landmark featuring the latest innovative technologies. The design of the Mukaab includes first-of-its-kind facilities and will be one of the largest built structures in the world, standing 400 metres high, 400 metres wide, and 400 metres long. The cubic shape of the Mukaab will ensure the ultimate utilisation of space to accommodate the technologies necessary to develop the icon.
Inspired by the modern Najdi architectural style, the Mukaab will be the world’s first immersive destination offering an experience created by digital and virtual technology with the latest holographics. The Mukaab will encompass a tower atop a spiral base, and a structure featuring 2 million square metres of floor space that will be a premium hospitality destination with a multitude of retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.
The launch of NMDC is part of PIF’s strategy to unlock the capabilities of promising sectors, enable the private sector and increase local content, contribute to the development of real estate projects and the local infrastructure, and diversify sources of income for the Saudi economy.
The PIF is one of the largest and most impactful sovereign wealth funds in the world. PIF took a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 71 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021.
PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. As the investment arm Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030.
This NMDC project is due to be completed in 2030.
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