RIYADH, Saudi Arabia, 29 February 2024: New Murabba Development Company (NMDC) announced it signed a Memorandum of Understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. Making the announcement through a Press release, NMDC said the agreement will see the two entities work closely together to create New Murabba: the world’s largest, modern downtown, serving as a model for future urban development and contributing towards Riyadh city’s evolution, in line with Vision 2030.

NMDC said its strategic partnership with TFD marks a pivotal moment in the realisation of New Murabba’s bold ambition to create the most advanced, transformative downtown experience in the world. NMDC said it aims to fulfil Saudi Arabia’s potential as a leading investment destination — a place where people live, work, and play.

NMDC said the MoU was signed by Michael Dyke, CEO, NMDC and Qusai bin Abdullah Al-Fakhri, CEO, TDF and added that as part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors, which solidifies NMDC’s access to TDF’s expertise, networks and investment capabilities. 

NMDC said the agreement is poised to unlock New Murabba’s immense potential, place Riyadh at the forefront of global destinations, and showcase Saudi Arabia’s commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.

 Al-Fakhri said: “We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life: an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world. This future-focused partnership extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”  

Al-Fakhri further said: “In line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh. Together, we aim to create a modern downtown in Riyadh, that provides even greater access to exceptional living, working and entertainment experiences. Representing the best in the nation, we believe New Murabba will attract tourists and investors, to Saudi Arabia, and improve citizens’ and residents’ quality of life.”

Dyke, said: “New Murabba will be a gateway to the future. We are confident that our partnership with TDF will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030. Together, we will create groundbreaking opportunities that will not only elevate the Saudi tourism landscape, and drive New Murabba to the forefront of global innovation.”

He further said: “Reflecting our commitment to the community and the environment, New Murabba has been designed in accordance with internationally established best practices and sustainability standards, incorporating green spaces, providing an extensive network of walking paths and promoting healthy living. We aim to make New Murabba an exceptional place to live, work, play, and visit. We will offer convenient access to a wide range of amenities and experiences that will enhance the lives of residents and visitors, fostering a sense of security and well-being. Accessibility is also a top priority for us, with New Murabba being just 20 minutes away from King Khalid International Airport by car. The Mukaab would serve as the centrepiece of New Murabba, redefining Riyadh’s skyline from the outside and presenting a truly jaw-dropping experience on the inside. 

Established in 2022, NMDC said, it is wholly owned by the Public Investment Fund (PIF), with its Board of Directors being chaired by His Royal Highness Crown Prince Mohammed Bin Salman.

NMDC said that the Mukaab sits at the heart of New Murabba, with its external façade inspired by the modern Najdi style, complementing Riyadh’s skyline. The iconic building, NMDC said, would feature a tower atop a spiral base and a structure comprising 2 million sq. m of floor space, would 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.

NMDC said, TDF aims to enhance tourism investments and projects through financing and non-financing programs and solutions designed to support investors, entrepreneurs, and tourism facilities. The Fund, NMDC added, works in partnership with a range of entities, including businesses and companies in the private sector, to achieve the objectives of Vision 2030 and the National Tourism Strategy.