New Murabba Development Co. spotlights Saudi urban opportunities at MIPIM 2024

International investors will have the opportunity to explore the Saudi urban sector as New Murabba Development Co. participates in a global real estate event in France.

The company is set to showcase its latest project, Mukaab, as part of New Murabba Modern Downtown, an urban development in Riyadh, at the MIPIM 2024 held in Palais des Festivals, Cannes. The event, taking place from March 12-15, will bring together industry leaders from around the world.

Mukaab is planned to incorporate the latest technology and will be among the largest built structures globally, standing at 400 meters in height, width, and length. The development has already excavated over 4 million cubic meters of material, the company said in a press release.

New Murabba is set to provide more than 27 million sq. m. of floor area, including 119,000 residential units, 9,000 hotel rooms, and 980,000 sq. m. of retail space. Additionally, the project will feature 1.4 million sq. m. of office space, 620,000 sq. m. of leisure assets, and 1.8 million sq. m. of community facilities.

Michael Dyke, CEO of New Murabba Development Co., said that his company represents a pivotal moment in Saudi Arabia’s economic journey, adding that they are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony.

“Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination,” he said.

The CEO went on to say that New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom’s exciting transformation.

Dyke added: “We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom’s ambitious diversification goals.”

The development is poised to attract substantial foreign investment, inject approximately $50 billion into the non-oil economy, and generate 334,000 direct and indirect jobs by 2030.

The company aims to create the world’s most transformative and modern city center, serving as a blueprint for future urban initiatives.

New Murabba’s participation at MIPIM aligns with the goals of Saudi Arabia’s Vision 2030, aiming to diversify the economy, create employment opportunities, and enhance citizens’ quality of life.