Saudi launches company to develop world’s largest downtown in Riyadh

Saudi Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz, has announced the launch of a new company to undertake an ambitious development project in the country’s capital.

The new Murabba Development Company will aim to develop the world’s largest downtown in Riyadh by 2030.

The new Murabba project spanning 19 square kilometres, will be located at the intersection of King Salman and King Khalid roads to the northwest of Riyadh, Saudi Press Agency reported on Thursday.

It is expected to add SAR180bn to the country’s non-oil GDP and create 334,000 direct and indirect jobs by 2030.

The project will contribute to Riyadh’s future development, add SAR180 billion to non-oil GDP, and create 334,000 direct and indirect jobs.#NewMurabba#TheMukaab#SPAGOV pic.twitter.com/J66NfePaCG

— SPAENG (@Spa_Eng) February 16, 2023

The project will feature green areas and walking and cycling paths, as well as a museum, a technology and design university, a multipurpose immersive theater, and more than 80 entertainment and culture venues.

Additionally, it will offer more than 25 million sqm of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sqm of retail space. It will also host 1.4 million sqm of office space, 620,000 sqm of leisure assets, and 1.8 million sqm of space dedicated to community facilities.

The location will offer a “unique living, working and entertainment experience within a 15-minute walking radius”, and operate its own internal transport system.

The project will be situated over an area of 19 square kilometers, to accommodate hundreds of thousands of residents. #NewMurabba#TheMukaab#SPAGOV pic.twitter.com/a0swlIwKaI

— SPAENG (@Spa_Eng) February 16, 2023

The company will develop the project and build the Mukaab, one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.

“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”, SPA reported.

The landmark will encompass a tower atop a spiral base, and a structure featuring 2 million sqm of floor space, becoming a hospitality destination that will feature retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.

The launch of company is part of the country’s sovereign wealth fund’s strategy to enable the private sector and increase local content, as well as contribute to the development of real estate and local infrastructure projects.

Earlier this week, the Public Investment Fund announced an investment worth $1.3bn in four local construction companies.

Read: Saudi’s PIF invests $1.3bn in four local construction companies