Financing and investment opportunities are expected to flourish in New Murabba, a flagship project aiming to revamp Riyadh’s downtown area. The Tourism Development Fund (TDF) signed a memorandum of understanding (MoU) with New Murabba Development Co. (NMDC), paving the way for collaboration.
This agreement aims to support the Kingdom’s economic and social growth by fostering development in New Murabba, located northwest of Riyadh. As per the MoU, TDF will explore direct financing and investment possibilities, either through its partners, investors, or contractors, adhering to its established procedures [according to the Saudi Press Agency].
The MoU, signed by Qusai Al-Fakhri (TDF CEO) and Michael Dyke (NMDC CEO), also establishes a framework for workshops to discuss potential collaborative ventures. NMDC will be responsible for ensuring project infrastructure and foundations meet the required standards.
Al-Fakhri emphasized the agreement’s significance in realizing Saudi Vision 2030’s goals, highlighting New Murabba’s ambition to provide an exceptional living, working, and entertainment experience. This MoU builds on the TDF’s collaborative efforts with the private sector, signifying the importance of working together to achieve shared objectives.
He further stated that these agreements support the TDF’s goal of diversifying and expanding the tourism sector while attracting domestic and foreign investments. This will ultimately lead to creating modern tourist destinations that offer high-quality experiences and attract visitors.
Dyke, elaborating on the agreement’s intent, emphasized their aim to develop a modern downtown aligned with Saudi Vision 2030. He stressed New Murabba’s commitment to sustainability principles and improving quality of life by incorporating green spaces, pedestrian pathways, and promoting health and sports initiatives.
He further elaborated that the project envisions a unique living, working, and entertainment experience within a 15-minute walking radius, with internal transportation options readily available.
Established in 2022 under the direction of Crown Prince Mohammed bin Salman, NMDC plays a vital role in achieving Saudi Vision 2030. Their focus lies in developing a modern downtown centered around the iconic Cube building, ultimately transforming Riyadh’s cityscape.
This initiative, envisioned as a cultural landmark for Riyadh, will encompass hotels, residential units, office spaces, and entertainment facilities, all integrated with the latest digital technologies.
