Saudi Gazette report

RIYADH — New Murabba Development Company (NMDC) has formed a strategic partnership with the Tourism Development Fund (TDF) through a Memorandum of Understanding (MoU) aimed at transforming Riyadh into a visionary downtown, setting a new global standard for urban development. This collaboration aligns with the ambitious Vision 2030, aiming to position Riyadh as a leading city in urban innovation and a prime investment location.

The partnership between NMDC and TDF is a cornerstone in realizing the grand vision of New Murabba, aspiring to create an unparalleled downtown experience. This initiative is designed to harness Saudi Arabia's investment potential, creating a vibrant community where people can live, work, and engage in leisure activities within a dynamic tech ecosystem and a business-friendly environment.

Signed by NMDC CEO Michael Dyke and TDF CEO Qusai Al-Fakhri, the MoU includes provisions for direct financing opportunities from TDF, leveraging its extensive network and investment expertise. This agreement is expected to significantly advance New Murabba's development, showcasing Saudi Arabia's dedication to sustainable urban growth, cultural enhancement, and offering unique experiences to both residents and global visitors.

Qusai Al-Fakhri expressed enthusiasm about the partnership, emphasizing its role in elevating Riyadh's international stature as a commercial and financial hub. This collaboration is seen as an extension of Saudi Arabia's transformative journey, contributing to the National Tourism Strategy and Vision 2030 by enhancing access to exceptional lifestyle, business, and entertainment opportunities in Riyadh.

Michael Dyke highlighted New Murabba's future impact, aligning with Vision 2030's goals to diversify the Saudi economy and lead in global innovation. He stressed the project's commitment to sustainability, community well-being, and accessibility, with New Murabba being strategically located just 20 minutes from King Khalid International Airport. The Mukaab, an architectural marvel, will be the centerpiece of New Murabba, redefining Riyadh’s skyline and offering a groundbreaking experience.

Established by the Public Investment Fund (PIF) in 2022, NMDC is set to make New Murabba a beacon of modern living and architectural excellence, with the Mukaab serving as a key attraction. TDF's role in supporting tourism investments aligns with the broader objectives of Vision 2030 and the National Tourism Strategy, promising a bright future for Riyadh's development.