Saudi Arabia Unveils Ambitious $500 Billion Megacity Project At MIPIM

Saudi Arabia’s transformative journey news is currently grabbing the attention. On March 12, 2024, a real estate event will commence at the Palais des Festivals in Cannes, France, where the New Murabba Development Company (NMDC) , the leading development destination in Saudi Arabia, will showcase its transformative vision.

NMDC aims to create the world’s most transformative and modern city centre that will play a role model for future urban development and will contribute to the city’s evolution, creating more opportunities that will support the Saudi Vision 2030.

Currently, NMDC is working on its transformative vision project New Murabba Modern Downtown Project in Riyadh, Saudi Arabia . This groundbreaking project includes an Iconic landmark named Mukaab which is a massive development in the modern downtown district and once it is completed it will attract major investment opportunities.

Mukaab – an innovative development is a brilliant development which covers 27 million sq./km floor area, 119,000 residential units, 9,000 hotel rooms, 980,000 sq.m of retail space, 1.4 million sq.m of office space, 620,000 sq,m of leisure assets and 1.8 million sq.m of community facilities.

Hence, once this massive project is completed it will be a perfect launchpad for investors, and create diverse ways of economy, employment opportunities will grow and also it will help in improving the quality of life for its citizens.

“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” remarked its CEO Michael Dyke.

“We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony, our presence at Mipim underscores our commitment to attracting global investment and expertise to co-create this remarkable destination. New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom’s exciting transformation,” he stated.

Also, he said, The destination is expected to attract significant foreign investment, add around $50 billion to the non-oil economy, and create 334,000 direct and indirect jobs by 2030.