Dubai: Saudi opens the doorway for International investors to explore the urban sector as the New Murabba Development Co. took center stage at the global real estate event, MIPIM 2024, held in Palais des Festivals, France. The event, began on March 12, provided an international platform for industry leaders to explore innovative projects, among which was Mukaab, the latest endeavor by New Murabba.
Mukaab, set to be part of New Murabba Modern Downtown in Riyadh, aims to revolutionize urban living through innovative technology and visionary design. With plans to stand at a remarkable 400 meters in height, width and length, Mukaab is poised to be among the largest built structures globally.
New Murabba's ambitious project encompasses over 27 million sq. m. of floor area, including residential units, hotel rooms, retail space, office space, leisure assets and community facilities. The development is projected to inject approximately $50 billion into the non-oil economy and create 334,000 direct and indirect jobs by 2030.
CEO Michael Dyke expressed his enthusiasm for New Murabba's pivotal role in Saudi Arabia's economic journey, emphasizing the company's commitment to innovation, sustainability and cultural vibrancy. Dyke highlighted MIPIM 2024 as an opportunity to attract global investment and expertise, shaping the future of Riyadh's urban landscape.
With its strategic location and dynamic young population, New Murabba Modern Downtown presents an enticing prospect for investors seeking to be part of Saudi Arabia's transformative journey.
“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”, said Dyke.
Mukaab's participation at MIPIM 2024 aligns with Saudi Arabia's Vision 2030, aiming to diversify the economy, create employment opportunities and enhance citizens' quality of life. By serving as a blueprint for future urban initiatives, Mukaab heralds a new era of sustainable and vibrant urban development in Saudi Arabia.