Saudi Arabia has created a new development company, the New Murabba Development Company. As part of the Saudi Vision 2030 plan, this business will lead the creation of the world's largest modern downtown area in Riyadh. Green areas, walking and cycling lanes, and community events will feature in the project to promote healthy, active lifestyles. As a result, the design of the project has sustainability and wellness in mind.
THE NEW MURABBA PROJECT WILL HAVE A WIDE RANGE OF AMENITIES
The New Murabba project will stand in the northwest of the city at the intersection of King Salman and King Khalid roads. It will cover an area of 19 square kilometres. This area will also offer a wide choice of facilities, amenities, and services.
The area will include over 104,000 residential units, and over 9,000 hotel rooms. Also, it will have around 980,000 square metres of retail space and 1.4 million square metres of office space. But, it will also house 620,000 square metres of leisure assets and 1.8 million square metres of designated community facilities.
It will also contain an impressive museum, a technology and design university, a multifunctional immersive theatre, and over 80 entertainment and culture locations.
Prime Minister and Head of the New Murabba Development Company, Prince Mohammad bin Salman, is optimistic about the project. He emphasised that the project will offer a one-of-a-kind living, working, and entertainment experience. This whole area will have a 15-minute walking radius. But equally, it will have its internal transportation system and will be around a 20-minute drive from the airport. The project is expected to be finished by 2030.
THE ECONOMIC BENEFITS OF THE MURABBA DEVELOPMENT COMPANY
The creation of the New Murabba Development Company is part of the Public Investment Fund's (PIF) strategy. This is a strategy aimed at maximising the potential of promising industries. But also as a way to contribute to the development of real estate projects and infrastructure, and diversify the Saudi economy's revenue streams. It's expected that the project will add SR180 billion to non-oil GDP. But it is also expected to create 334,000 direct and indirect jobs by 2030.
DEVELOPING MUKAAB - AN ICONIC LANDMARK
The New Murabba Development company will also build the "Mukaab". This is an iconic structure with innovative technology. The "Mukaab" will be one of the world's tallest structures, standing 400m high, 400m wide, and 400m long. It will also be the world's first immersive resort. This will combine digital and virtual technology with cutting-edge holographics. Also, the "Mukaab" will have a tower above a spiral core, as well as a structure with 2 million square metres of floor area. This area will function as a high-end hospitality destination. It will feature a variety of retail, cultural, and tourism attractions, as well as residential and hotel units, business spaces, and recreational amenities. The "Mukaab's" design is also influenced by modern Najdi architectural styles.
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