Published on 20th February 2023
Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud has announced the launch of the New Murabba Development Company, which will undertake the world's largest modern downtown development in Riyadh. The new project marks an addition to the country's impressive list of upcoming and ongoing mega-projects, including the NEOM project.
The highly-anticipated downtown area, projected to be completed by 2030, is expected to contribute USD 48.6 billion (SAR 180 billion) to non-oil GDP, according to reports. The development will also generate 334,000 direct and indirect employment opportunities.
The sprawling city, spanning 19 square kilometers and located at the intersection of King Salman and King Khalid roads to the northwest of Riyadh, will prioritize sustainability and offer green areas, walking and cycling paths, and an environment that promotes a healthy lifestyle. The complex will also feature a prestigious museum, a technology and design university, an immersive multi-purpose theater, and over 80 cultural and entertainment venues.
The ambitious project highlights Saudi Arabia's commitment to diversifying its economy and promoting the country as a global tourism destination. The world eagerly awaits the completion of this groundbreaking development, set to transform the landscape of Riyadh and the nation as a whole.
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