Saudi Arabia’s Crown Prince Mohammad bin Salman has announced the launch of the New Murabba Development Co. which is set to transform downtown Riyadh through the building of a unique living, working, and entertainment experience.
The New Murabba project will be built around the concept of sustainability by featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy lifestyles and community activities.
The project will also include an iconic museum, a technology and design university, a multipurpose immersive theater, and more than 80 entertainment and cultural venues.
A report says the kingdom aims to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan to modernize the Gulf Arab state and reduce its dependence on oil export revenues.
The development will be situated at the intersection of King Salman and King Khalid roads to the northwest of Riyadh over an area of 19 sq. km and set to accommodate hundreds of thousands of residents.
The New Murabba will offer more than 25 million sq. km of floor area, 104,000 residential units, 9,000 hotel rooms, 980,000 sq. m of retail space, 1.4 million sq. m of office space, 620,000 sq. m of leisure assets, and 1.8 million sq. m of community facilities.
The project will feature a 15-minute walking radius and have its own internal transport system with a 20-minute drive from the airport.
The area will host the Mukaab, an iconic landmark that features the latest innovative technologies and will be one of the largest built structures in the world at 400 meters high, 400 meters wide, and 400 meters long to take a cubic shape to ensure ultimate utilization of space.
Inspired by the modern Najdi architectural style, the Mukaab will be the world’s first immersive destination offering an experience created by digital and virtual technology with the latest holographics.
The building will encompass a tower atop a spiral base, and a structure featuring 2 million sq. m of floor space that 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.
The project is part of the Public Investment Fund’s strategy to unlock the capabilities of promising sectors, enable the private sector and increase local content, contribute to the development of real estate projects and the local infrastructure, and diversify sources of income for the Saudi economy.
It is expected to add around $50 billion to the non-oil economy and create 334,000 direct and indirect jobs by 2030. The project is due to be completed in 2030.