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A real estate development company backed by Saudi Arabia’s deep-pocketed Public Investment Fund has partnered with Saudi Arabia’s Tourism Development Fund to build the “world’s largest downtown” in Riyadh.
The New Muraba Development Company will work with the Tourism Fund to create New Muraba, which will serve as a model for future urban planning for the development of Riyadh city, the Saudi Press Agency reported. The New Murabba project was announced in February.
Under the agreement, the fund will provide direct financing opportunities through its network of investors and financial partners, SPA reported.
The project is scheduled to be completed by 2030, in line with Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify the Saudi economy away from oil dependence. The news agency said the downtown project will be “built around the concept of sustainability” and feature green spaces, and the development will increase Saudi Arabia’s non-oil economic output by 180 billion Saudi riyals ($48 billion). He said that it is expected. Create 334,000 jobs by 2030.
Downtown will also be home to museums, universities of technology and design, immersive theaters, and more than 80 entertainment and cultural venues.
The expansive Muqab Tower will form the centerpiece of the new development, serving as a hospitality destination with retail, cultural and tourist attractions, along with residential and hotel units, commercial space and recreational facilities.
The new downtown will be located northwest of Riyadh at the intersection of King Salman Road and King Khalid Road, cover an area of 19 square kilometers (12 miles), and will be home to hundreds of thousands of residents. The SPA report said the plans would include more than 104,000 residential units, 9,000 hotel rooms, extensive retail and office space, leisure assets and areas dedicated to community facilities. .
Egypt is redeveloping Cairo’s historic downtown area, with construction expected to begin in the coming months, as Saudi Arabia moves ahead with major urban development plans.
Egypt’s government-owned Sovereign Fund is finalizing plans to revitalize the area after most government ministries are relocated to a new administrative capital east of the capital.
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