The Saudi urban sector is poised to capture the spotlight as New Murabba Development Co. gears up to participate in a premier international real estate gathering in France. This occasion offers international investors a unique window into the burgeoning urban opportunities within the Kingdom.
At MIPIM 2024, hosted at Cannes’ Palais des Festivals from March 12-15, the company plans to unveil Mukaab, a centerpiece of the New Murabba Modern Downtown development situated in Riyadh. The gathering will convene global industry leaders to connect and explore the latest trends.
Envisioned as a technological marvel, Mukaab is expected to rank among the world’s largest structures, with its dimensions extending 400 meters in height, width, and length. To date, construction efforts have removed more than 4 million cubic meters of earth, according to a press statement from the company.
The expansive New Murabba project promises over 27 million square meters of floor space, which encompasses 119,000 residential units, 9,000 hotel rooms, and nearly a million square meters of retail establishments. Office spaces will cover 1.4 million square meters, while leisure and community facilities will span 620,000 and 1.8 million square meters respectively.
Michael Dyke, the CEO of New Murabba Development Co., described the project as a cornerstone in Saudi Arabia’s economic progression, emphasizing a vision for a future that intertwines innovation, ecological consciousness, and cultural richness. “Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination,” he remarked.
Dyke highlighted the strategic significance of New Murabba’s location and its vibrant young demographic, positioning it as an ideal gateway for investors keen on participating in the Kingdom’s transformative journey.
“We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom’s ambitious diversification goals,” Dyke stated.
Anticipated to draw substantial foreign investment, the development is expected to funnel approximately $50 billion into Saudi Arabia’s non-oil economy and create 334,000 jobs, both directly and indirectly, by the year 2030.
The initiative aims to forge the most innovative and contemporary urban center in the world, setting a precedent for future urban development projects.
Aligning with the aspirations of Saudi Arabia’s Vision 2030, New Murabba’s engagement at MIPIM is a strategic step towards diversifying the economy, boosting employment, and augmenting the life quality for its citizens.