New Murabba unveils groundbreaking vision at key Saudi event
RIYADH, November 5, 2024
New Murabba, a unit of Saudi sovereign wealth fund PIF, showcased its groundbreaking vision for urban development at the 8th edition of the Future Investment Initiative (FII8) held recently in Riyadh.
Held under the Royal Patronage of Saudi King Salman Bin Abdulaziz Al Saud, the conference themed “Infinite Horizons: Investing Today, Shaping Tomorrow” brought together global leaders who discussed the investment strategies for a prosperous and sustainable future for the Kingdom of Saudi Arabia.
The FII 8th Edition served as an ideal platform for New Murabba to share its vision and engage with global leaders, investors, and innovators.
Michael Dyke, CEO of New Murabba, participated in a dynamic panel discussion which focused on the pivotal role of immersive experiences in shaping the future of urban living.
He emphasized New Murabba’s ambition to create a world-leading destination that seamlessly blends cutting-edge technology with Saudi Arabia’s rich cultural heritage.
"New Murabba is creating a vibrant ecosystem where innovation and tradition come together," remarked Dyke.
"By leveraging technology and prioritizing sustainability, we are shaping a future where residents can be a part of the community, and visitors can experience the true essence of Saudi Arabia," he stated.
Committed to developing the world’s largest modern and transformative downtown in Riyadh, New Murabba aligns with the city’s goal of becoming one of the world’s top ten most livable cities.
The development embraces 'born smart' principles, sustainability, and the 15-minute city concept, said Dyke.
It will house over 400,000 people and encompass 27 million sq m of developed assets across 18 diverse communities. This thriving downtown environment also boasts 100,000+ homes, 9,000 hotel rooms in addition to over half a million sq m of retail and entertainment.
It will also offer schools, hospitals and a 45,000-seat stadium as well as a 4-sq-km parkland and dedicated infrastructure.
At the heart of New Murabba will stand The Mukaab, an architectural marvel set to be the world’s largest structure and a global icon.
Inside, visitors will be transported to extraordinary new realities through the world’s largest immersive experience, spanning over 400,000 sq m and showcasing cutting-edge technologies.
The Mukaab is poised to become a key driver of tourism and innovation, positioning Saudi Arabia at the forefront of the experience economy.
During FII8, Dyke highlighted the development’s alignment with Saudi Vision 2030 and its contribution to economic diversification and urban development.
"New Murabba is a testament to our commitment to investing in innovative and sustainable urban development," he stated.
It represents a significant investment in Saudi Arabia’s future. The development will generate numerous employment opportunities, stimulate economic growth across various sectors, prioritize environmental sustainability, and enhance the quality of life for residents, said Dyke.
"We are creating a transformative destination that will not only enhance the lives of its residents but also contribute to the Kingdom’s economic prosperity and global standing," he added.-TradeArabia News Service
