Riyadh, the thriving capital of Saudi Arabia, is not only the country’s largest metropolis but also a pivotal cultural and financial hub. Encompassing an area exceeding 1,500 square kilometers, Riyadh is a city that boasts year-round major sporting events, including high-profile boxing matches and Formula 1 races, positioning it as a city of international repute.
The city’s skyline, punctuated by towering skyscrapers, is a testament to the government’s significant investment in modernization. Billions have been spent to cultivate Riyadh’s growth, reflecting its escalating development trajectory.
Recent reports from Arabian Business indicate that Riyadh holds the distinction of being the most expensive city to build in throughout Saudi Arabia. Costs can reach up to $2,593 per square meter, as detailed in the International Construction Market Survey report.
One of the remarkable mega-projects underway is the New Murabba development, which is being constructed around an enormous cube structure. This initiative is a cornerstone of the Saudi Vision 2030 strategy, aiming to redefine the city’s landscape. The New Murabba Development Company has already moved millions of cubic meters of material in preparation for this groundbreaking project.
Revealed to the public in February of 2023, the New Murabba district is anticipated to be a major draw for international investors, with an estimated construction cost of £40 billion.
Michael Dyke, CEO of the New Murabba project, envisions a vibrant community where living, working, and leisure seamlessly intersect. Dyke emphasizes that New Murabba will elevate the concept of a downtown area by prioritizing quality of life and offering a gateway to futuristic urban living. Moreover, the development is designed to accommodate Riyadh’s burgeoning population, which is projected to surpass 10 million residents by 2030.