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New Murabba Development Company partners with Tourism Development Fund to bring Riyadh's visionary downtown to life

New Murabba Development Company partners with Tourism Development Fund to bring Riyadh's visionary downtown to life

Friday, March 1, 2024/ Editor -  

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Riyadh, February xx.2024: New Murabba Development Company (NMDC) has signed a Memorandum of Understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world’s largest , modern downtown, serving as a model for future urban development and contributing towards Riyadh city’s evolution, in line with Vision 2030.

NMDC’s strategic partnership with TFD marks a pivotal moment in realization of New Murabba’s bold ambition to create the most advanced, transformative, downtown experience in the world. It aims to fulfil Saudi Arabia’s potential as a leading investment destination — a place where people live, work, and play. A go-to tourism and hospitality hotspot distinguished by a thriving tech ecosystem, an enabling business environment and a diverse and welcoming society.

The MoU was signed by New Murabba Development Company CEO, Michael Dyke and TDF CEO, Qusai bin Abdullah Al-Fakhri. As part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors, which solidifies NMDC’s access to TDF’s expertise, networks and investment capabilities.

The agreement is poised to unlock New Murabba's immense potential, placing Riyadh it at the forefront of global destinations and showcasing the Kingdom of Saudi Arabia's commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.

Qusai bin Abdullah Al-Fakhri, CEO, TDF, said: “We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life: an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world. This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”  

He added: “In line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh; one that adds to the richness of the Kingdom’s inspiring story of transformation. Together, we aim to create a modern downtown in the Saudi capital that provides even greater access to exceptional living, working and entertainment experiences. Representing the very best of Saudi excellence, we believe New Murabba will attract tourists — as well as investors — to the Kingdom, and improve citizens’ and residents’ quality of life.”

Michael Dyke, CEO, NMDC, said: “New Murabba will be a gateway to the future. We are confident that our partnership with TDF  will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030.  Together, we will create groundbreaking opportunities that will not only elevate the Saudi tourism landscape, and  drive New Murabba to the forefront of global innovation.”

He added: “Reflecting our commitment to the community and the environment, New Murabba has been designed in accordance with internationally established best practices and sustainability standards; incorporating green spaces, providing an extensive network of walking paths and promoting healthy living. Our goal is to make New Murabba a truly exceptional place to live, work, play, and visit. We will offer convenient access to a wide range of amenities and experiences that will enhance the lives of residents and visitors, fostering a sense of security and well-being. Accessibility is also a top priority for us, with New Murabba being just 20 minutes away from King Khalid International Airport by car. The Mukaab — a new architectural wonder — will, of course, serve as the center piece of New Murabba, redefining Riyadh’s skyline from the outside, which presenting a truly jaw-dropping experience within the inside .

Established in 2022, New Murabba Development Company is wholly owned by the Public Investment Fund (PIF), with its Board of Directors being chaired by His Royal Highness Crown Prince Mohammed bin Salman.

The Mukaab, a stunning architectural masterpiece, sits at the heart of New Murabba; its external fa├žade being inspired by the modern Najdi style, complementing Riyadh’s skyline. The iconic building, featuring a tower atop a spiral base and a structure comprising 2 million sq. m of floor space, will be a premium hospitality destination with a multitude of retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.

TDF aims to enhance tourism investments and projects through financing and non-financing programs and solutions designed to support investors, entrepreneurs, and tourism facilities. The Fund works in partnership with a range of entities, including businesses and companies in the private sector, to achieve the objectives of Vision 2030 and the National Tourism Strategy.


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