Anticipation is building in Saudi Arabia as the Tourism Development Fund (TDF) and New Murabba Development Co. join forces, paving the way for increased financing and investment initiatives in the Kingdom’s ambitious new downtown project. The collaboration, cemented with a memorandum of understanding (MoU), is set to propel the nation’s socio-economic advancement with the development of New Murabba, located to the northwest of the capital, Riyadh.
The partnership outlines that the TDF will investigate avenues for direct financing or investment in the project, utilizing its network of partners, investors, and contractors, and ensuring adherence to its established policies and procedures. This strategic move was reported by the Saudi Press Agency.
Signatories to the MoU include Qusai Al-Fakhri, TDF’s CEO, and Michael Dyke, CEO of New Murabba Development Co., which operates under the Public Investment Fund umbrella.
As part of the agreement, a series of workshops will be convened to explore potential collaborative ventures. Furthermore, New Murabba Development Co. will take on the responsibility of preparing the project’s foundational infrastructure.
Al-Fakhri highlighted the agreement’s role in furthering the ambitions of Saudi Vision 2030, illustrating how New Murabba is envisioned to provide a superior blend of lifestyle, work, and leisure experiences.
The MoU is a continuation of TDF’s strategy to forge partnerships within the private sector, underscoring the importance of joint efforts in achieving common objectives.
According to Al-Fakhri, such collaborative agreements are instrumental in bolstering the tourism sector’s expansion and diversity, enticing both local and international investments to create tourist destinations that are modern lifestyle exemplars, rich in amenities and experiences.
Dyke outlined the project’s aim to establish a contemporary downtown area that resonates with the goals of Saudi Vision 2030, highlighting New Murabba’s commitment to sustainability, enhanced quality of life through green spaces and walkways, and the promotion of wellness and sports.
He further noted that the initiative is designed to offer an unparalleled living, working, and entertainment environment, all within a 15-minute walk radius, complemented by internal transit options.
New Murabba Development Co., founded in 2022 by Crown Prince Mohammed bin Salman, is a linchpin in actualizing Saudi Vision 2030. The company’s focus is the creation of a new, modern downtown anchored by the iconic Cube building, which will transform Riyadh’s skyline.
The project envisages becoming a cultural icon for Riyadh, with the inclusion of hotels, residential spaces, offices, and entertainment venues, all integrated with cutting-edge digital technology.