Prince Mohammed bin Salman Al Saud, the Crown Prince of Saudi Arabia, has announced the inauguration of a company to build the world’s largest modern downtown in Riyadh. The new Murabba Development Company has been tasked with finishing this project.
The downtown will be fully constructed in 2030 and is assumed to generate a revenue of 180 billion Saudi Riyals ($48.6 billion) to GDP not related to oil, Xinhua news agency reported, citing a SPA report. The project is also predicted to provide 334,000 jobs, directly and indirectly.
Citing a Saudi Press Agency report, Xinhua news agency reported that the project will be done in 2030 and is projected to bring in a revenue of more than forty-eight billion dollars (about 180 billion Saudi Riyals).
The project is expected to take up a 19 sq km area to accommodate hundreds and thousands of individuals. It will host an extravagant museum, a design tech university, and 80 culture and entertainment centres.
The development is being constructed in accordance with the Kingdom’s Vision 2030 objectives and will be situated in a region of 19 million square metres northwest of Riyadh, at the junction of King Khalid and King Salman highways.
In addition to more than 104,000 residential units, the development will include more than 980,000 square metres of retail space, 9,000 hotel rooms, 620,000 square metres for recreational activities, 1.4 million square metres of office space and 1.8 million square metres for communal services.
Additionally, it plans to implement the idea of a “15-minute city,” where citizens can conveniently access places for living, working, and leisure. According to the state-run SPA, the new Murabba project’s design would be built on the idea of sustainability and include green spaces with cycling and walking pathways that will improve the quality of life by encouraging healthy, active lives and communal activities.
The “Mukaab” is one of the development’s most important projects. It will be a 400-metre-high, 400 metres wide, and 400-metre-long “iconic monument combining the newest innovative technologies,” according to the description.
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, established the New Murabba Development Corporation as one of its projects to tap the potential of promising industries and diversify the country’s heavily dependent oil income streams.
