New Murabba Development Company is a real estate development firm owned by the Saudi Public Investment Fund. It was established in 2023 to develop the world's largest modern downtown in Riyadh City.
New Murabba Development Company was launched with the aim of developing real estate and local infrastructure projects, diversifying sources of local economic income, empowering the private sector, and increasing the volume of local content.
It aims to provide opportunities for housing, work, and entertainment within a fifteen-minute walking radius, along with internal transportation means. The area is about a twenty-minute car drive from the airport.
The project contributes SAR180 billion to the non-oil gross domestic product and helps create 334,000 direct and indirect jobs. The New Murabba project is expected to be completed by 2030.
Project location
The New Murabba project is located in the northwest of Riyadh City, covering an area of over nineteen km². It features a floor space exceeding twenty-five million m² and can accommodate hundreds of thousands of residents. The project includes 104,000 residential units, more than 980,000 m² of commercial space, nine thousand hospitality units, 1.4 million m² of office space, around 1.8 million m² for community facilities, and approximately 620,000 m² for entertainment facilities.
Project design
The design of the New Murabba project is based on sustainability standards and aims to enhance the quality of life by creating green spaces, providing walkways, and promoting health, sports, and community activities.
Components of the project
The New Murabba project includes a university specializing in technology and design, a museum, over eighty live entertainment and performance areas, and a multipurpose theater. Additionally, it features the iconic 'Mukaab', a global cultural symbol for Riyadh City, standing four hundred m high, four hundred m wide, and four hundred m long. The geometric shape of the Mukaab provides the necessary space to accommodate the project's details and its specialized technologies.
The Mukaab's exterior facade design is inspired by modern Najdi architecture and will feature a technological display facade. Inside, the Mukaab will include holographic imaging, digital and virtual technologies, as well as a tower. It will have a floor area exceeding two million m², making it a hospitality destination with cultural landmarks and various brands attracting guests and visitors. The Mukaab will also include office spaces, hotel and residential units, and entertainment facilities.
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