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Home » Companies » New Murabba Partners with Saudi Tourism Development Fund to Fund World’s Largest Downtown in Riyadh
New Murabba Partners with Saudi Tourism Development Fund to Fund World’s Largest Downtown in Riyadh
The New Murabba Development Company and Saudi Arabia’s Tourism Development Fund have partnered to develop the New Murabba, which is due to be the world’s largest downtown in Riyadh.

The New Murabba Development Company and Saudi Arabia’s Tourism Development Fund have partnered to develop the New Murabba, which is due to be the world’s largest downtown in Riyadh.

The ambitious project, featuring the iconic Mukaab tower at its center, will incorporate 2 million square meters of floor space featuring retail areas, tourist attractions, and hotels

The project is estimated to add $48 billion to the Saudi economy and create up to 334,000 direct and indirect jobs.

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Strategic Partnership for Transformation

Image Credit New Murabba

The partnership between the New Murabba Development Company (NMDC) and the Tourism Development Fund (TDF) is driven by a shared commitment to harness Riyadh’s potential as a global investment hub. 

Through the New Murabba project, the strategic alliance seeks to create a dynamic urban environment where people live, work, and play. 

The project aims to transform Riyadh into a go-to tourism and hospitality hotspot, distinguished by a thriving tech ecosystem, an enabling business environment, and a diverse and welcoming society.

The Vision Behind New Murabba

Image Credit New Murabba

The New Murabba project is an innovative urban development initiative aiming to create a modern downtown in the heart of Riyadh. New Murabba, the world’s largest downtown, is set to serve as a model for future urban development. 

The project is expected to contribute significantly to the Saudi economy, adding approximately $48 billion to the non-oil GDP and creating up to 334,000 direct and indirect jobs by 2030.

New Murabba: A Gateway to the Future

Image Credit New Murabba

The New Murabba project reflects the commitment to the community and the environment. It has been designed following internationally established best practices and sustainability standards. 

Image Credit New Murabba

Inspired by Riyadh’s original balance with nature, the New Murabba master plan is set to redefine how we live, work, and play sustainably, thereby boosting the country’s socio-economic development drive. New Murabba will feature 104,000 residential venues, 9000 hotel rooms, and 80 entertainment attractions.

Image Credit New Murabba

The New Murabba’s design focuses on a data-driven approach to sustainability, user convenience, reduction in the need for transport, walkability, and a people-centric design of its public realm.

The New Murabba will also incorporate extensive green spaces and provide an extensive network of walking paths to encourage healthy and active lifestyles.

The Iconic Mukaab Tower

Image Credit New Murabba

At the heart of this groundbreaking project is the Mukaab, which translates to ‘cube’ in Arabic. The Mukaab is set to be the world’s largest immersive destination, offering innovative experiences driven by digital and virtual technology.

Image Credit New Murabba

Inspired by Najdi architecture, this architectural masterpiece will redefine Riyadh’s skyline. The tower will include 2 million square meters of floor space featuring retail areas, tourist attractions, cultural centers, and hotels. 

Image Credit New Murabba

The Mukaab’s exterior envelope will shroud an internal skyscraper, one of the largest structures in the world’s history, standing 400m high, 400m wide, and 400m long. The design of the Mukaab will also include first-of-its-kind hospitality, F&B, and retail facilities.

The Role of the Tourism Development Fund

Image Credit Tourism Development Fund

As part of the agreement, the TDF will provide direct financing opportunities to the project in collaboration with its network of partners and contracted investors. This will bolster NMDC’s capacity to execute its ambitious vision for New Murabba. 

The TDF’s involvement underlines its commitment to enhancing tourism investments and projects in Saudi Arabia through tailored financing solutions and fostering collaboration with private sector entities.

Aligning with Vision 2030

Image Credit New Murabba

The New Murabba project aligns with Saudi Arabia’s Vision 2030, a strategic framework to reduce the Kingdom’s dependence on oil, diversify its economy, and develop public service sectors. 

The transformation of Riyadh through the New Murabba project embodies this vision, aiming to diversify sources of income for the Saudi economy and drive the city to the forefront of global innovation.

Economic Impact

Image Credit New Murabba

The New Murabba project is poised to have a significant economic impact. It is estimated to add around $48 billion to the Saudi Arabian non-oil GDP. This significantly contributes to diversifying the Kingdom’s economy away from its traditional reliance on oil.

Additionally, the project is expected to generate up to 334,000 jobs, both directly and indirectly, by 2030. This will significantly boost employment opportunities in the region.

Benchmark for Urban Development

Image Credit New Murabba

The New Murabba project is a bold and ambitious initiative that promises to transform Riyadh into a global investment hub. The strategic alliance between NMDC and TDF, backed by the Public Investment Fund, reflects a shared vision to create a modern, sustainable, and innovative downtown area. 

As the world’s largest downtown, New Murabba will undoubtedly set a new standard for urban development, contributing to the Kingdom’s Vision 2030 and enhancing the growth of the Saudi economy. 

The project’s success will testify to Saudi Arabia’s commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.

More Transformative Developments in Riyadh

Riyadh Sports Boulevard

Image Credit Sports Boulevard Foundation

The Riyadh Sports Boulevard has been designed to be the longest linear park in the world, with the purpose of connecting the Wadi Hanifa in the western part of Riyadh to the Wadi Al Sulai in the eastern part of the city, spanning a total distance of 135km. 

This project aims to transform Riyadh into one of the world’s most livable and healthy cities. The development plans to include various pathways, bike lanes, and horse riding trails, covering a vast area of 4.4 million square meters of green spaces. 

The impressive initiative will also consist of 8 exceptional districts, such as an athletics district, an entertainment district, and an arts district.

Ritz-Carlton Residences in Riyadh

Image Credit Diriyah Company

Diriyah Company, in collaboration with Ritz-Carlton, has unveiled plans to debut premium branded residences in the Kingdom. These exclusive Ritz-Carlton Residences will be situated in Riyadh’s vibrant center of the $63 Billion Diriyah Giga project.

These villas have three unique luxury interior styles, from traditional Najdi to modern contemporary designs, and promise a distinctive living experience. Upon its entirety, the Diriyah Project aims to encompass 20,000 residential units alongside upscale hotels and dining establishments.

Riyadh Rise Tower

Image Credit North Pole Project Riyadh

Saudi Arabia Holding Co. has unveiled its plans for the Rise Tower, which is set to become the world’s tallest skyscraper in Riyadh, surpassing even the renowned Burj Khalifa. The unveiling of Rise Tower’s plans is a significant component of the broader North Pole Project in Riyadh.

To outshine the Burj Khalifa, Rise Tower is anticipated to exceed a height of 828 meters. There are speculations that Rise Tower might ascend to a staggering 2 kilometers, doubling the Burj Khalifa’s current height.

Keep Reading: Riyadh Sports Boulevard: The Longest Linear Park in The World Planned to Span 135km Across Riyadh

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