Riyadh, March 01, 2024, New Murabba Development Company (NMDC) has entered into a significant memorandum of understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. This strategic collaboration aims to develop New Murabba, envisioned as the world's largest modern downtown, aligning with the goals of Vision 2030 and contributing to Riyadh's evolution.
The MoU, signed by NMDC CEO Michael Dyke and TDF Chief Executive Qusai bin Abdullah Al-Fakhri, marks a crucial milestone in the realization of New Murabba's ambition to create an advanced, transformative downtown experience. The project aspires to position Saudi Arabia as a leading investment destination, blending living, working, and leisure spaces, fostering a thriving technology ecosystem, and providing a diverse and welcoming society.
Under the agreement, TDF will offer direct financing opportunities in collaboration with its network of partners and investors, ensuring NMDC's access to TDF's expertise, networks, and investment capabilities. This collaboration is set to unlock New Murabba's immense potential, showcasing Riyadh as a global destination committed to innovative, sustainable urban development and cultural richness.
Al-Fakhri emphasized the forward-looking nature of the partnership, stating, "This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia." He highlighted the role of this collaboration in enhancing Riyadh's global standing as a commercial and financial hub.
Dyke echoed the sentiment, expressing confidence that the partnership with TDF will play a transformative role in diversifying Saudi Arabia's sources of income, aligning seamlessly with the objectives of Vision 2030. New Murabba is designed to reflect Saudi excellence, incorporating internationally established best practices and sustainability standards. The project prioritizes green spaces, walking paths, and healthy living, aiming to be a remarkable place to live, work, play, and visit.
Established in 2022, NMDC is wholly owned by the Public Investment Fund (PIF), with its board chaired by His Royal Highness Crown Prince Mohammed bin Salman. The centerpiece of New Murabba, the Mukaab, is a stunning architectural masterpiece inspired by the modern Najdi style, featuring a tower atop a spiral base, with 2 million sqm of floor space dedicated to hospitality, retail, cultural attractions, residential and hotel units, commercial spaces, and recreational facilities.
TDF, established to enhance tourism investments in alignment with Vision 2030 and the National Tourism Strategy, aims to support investors, entrepreneurs, and tourism facilities through various financing and non-financing programs and solutions. The collaborative efforts between NMDC and TDF underscore the commitment to advancing Saudi Arabia's tourism landscape and economic diversification objectives.
