- New Murabba project set to add SAR 180 billion to non-oil GDP and create 334,000 direct and indirect jobs
- Supports Saudi Vision 2030’s aim to build a diversified and sustainable economy
- Project is in line with PIF’s strategies to empower the private sector, and support real estate projects and local infrastructure
His Royal Highness Mohammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of PIF, announced ambitious plans to develop downtown Riyadh, as Saudi Arabia aims to make its capital an international metropolis and diversify its economy away from oil, Reuters reported.
The New Murabba project will support Saudi Vision 2030's target to build a diversified and sustainable economy. It is set to add SAR 180 billion to non-oil GDP and create 334,000 direct and indirect jobs by 2030.
Citing Saudi Press Agency, Reuters noted that a museum, a technology and design university, a multi-purpose immersive theater and 80-plus cultural and entertainment venues will be included in the project by the New Murabba Development Company (NMDC). Covering an area of 19 square kilometers north-west of Riyadh, it will accommodate hundreds of thousands of residents.
Reuters noted that the targeted completion date of 2030 coincides with world fair Expo 2030, which Saudi Arabia has bid to host.
The launch of NMDC is part of PIF's strategy to advance Saudi Arabia's priority sectors, empower a thriving private sector, increase local content and contribute towards a vibrant society, thriving economy and ambitious nation.
Read the full Reuters feature here.
Other media coverage of the launch of New Murabba Development Company from Construction Week, Arch Daily and designboom.com.
Content on third-party media sites does not necessarily represent the views of PIF, its portfolio companies, or affiliates.
