New Murabba, a unit of Saudi sovereign wealth fund PIF, has announced the signing of a strategic agreement with the kingdom's Ministry of Municipalities and Housing (MOMAH).
As per the deal, the duo will work to align regulations, streamline development processes, implement smart city standards, and enhance quality of life for residents.
A major developer in the region, New Murabba aims to build the world’s largest modern downtown in Riyadh, New Murabba, contributing to the city’s future development in line with Saudi Vision 2030.
The 19-sq-km mixed-use urban destination will boast sustainable design, innovative infrastructure, and a future-ready lifestyle in the northwestern Riyadh and eastern most Diriyah, Saudi Arabia.
The Saudi PIF company said this collaboration marks an important step in the exploration of advancing urban planning, sustainability, and community development across Riyadh’s future downtown.
"Together, New Murabba and MOMAH will work to align regulations, streamline development processes, implement smart city standards, and enhance quality of life for residents," said senior company officials during the signing ceremony held at New Murabba’s headquarters in Riyadh.
"We look forward to building on this partnership as we continue shaping a world-class destination aligned with Saudi Arabia’s Vision 2030," they stated.
New Murabba will be built around the concept of sustainability and will offer a unique living, working and entertainment experience.
At the heart of the project is the iconic, technological and cultural wonder, The Mukaab, a premium mixed-use landmark that integrates retail, cultural, tourism, hospitality, residential, commercial, and recreational components, said the developer.
Designed as one of the world’s largest built structures, the 247-acre Mukaab will anchor a new mixed-used modern downtown development.
Once complete, New Murabba will have more than 100,000 residential units, over 10,000 hotel room keys, schools, hospitals, and healthcare facilities.-TradeArabia News Service
