Explainer

In Pictures: Saudi Arabia’s ‘Murabba’ will be a downtown like no other

As with its giga projects, Saudi Arabia is going all in for the Murabba

Published: March 12, 2024 10:02 Manoj Nair, Business Editor and Cesar Valondo, Editorial Assistant

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With the Murabba, Saudi Arabia is out to create a different type of ‘giga’ destinations to the ones the Kingdom is already known for, in the form of NEOM or the AlUla. Image Credit: Murabba

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In its concept of what Murabba should be, the project promoters are carving out an entirely new downtown for Riyadh. Image Credit: Murabba

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A downtown that will eventually take on more than 27 million square metres of floor area. To which 119,000 homes will be integrated. Image Credit: Murabba

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Of course, commercial real estate too will dot this new urban landscape, with offices taking up 1.4 million square meters of it. Throw in 620,000 square metres of assets marked for leisure pursuits and 1.8 million square metres marked for community facilities. Image Credit: Murabba

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A lot of the Murabba project build out will include government funding, but there is ample scope for foreign investments too. The destination on its own is expected to add another $50 billion to the Saudi non-oil economy. Image Credit: Murabba

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How does Saudi Arabia see the Murabba as? Understandably, there is no holding back on what the vision will be. Image Credit: AFP

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The aim is nothing less than ‘create the world’s most transformative and modern city centre, which will serve as a model for future urban development’. And yes, contribute to the Riyadh’s ‘evolution in line with Saudi Vision 2030’. Image Credit: Bloomberg

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And foreign investors can do their part. “Under the ‘Invest Saudi’ umbrella, New Murabba Development Company aims to attract international investment and highlight the Kingdom's commitment to economic diversification,” said a statement by the Saudi operating company. Image Credit: Murabba

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“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, CEO of New Murabba Development Company. “We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony.” Indeed... Image Credit: Murabba

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In Pictures: Saudi Arabia’s ‘Murabba’ will be a downtown like no other

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In Pictures: Saudi Arabia’s ‘Murabba’ will be a downtown like no other

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