New Murabba Development Company — a Public Investment Fund company — one of the leading players in Saudi Arabia’s giga-project landscape, reaffirmed its commitment to shaping the future of Riyadh and global urban development at the recently concluded Saudi Giga Projects 2024 and MENA Construction Summit.

The summit offered a comprehensive view of the $880 billion giga-projects program currently shaping Saudi Arabia.

The event brought together key stakeholders from government entities, developers, contractors, and thought leaders within the construction ecosystem.

New Murabba’s Executive Director of Delivery Salman Alhubeis participated in a keynote panel discussion titled “Update on the key development plans of Saudi giga-projects,” alongside other industry leaders. 

During the discussion, Alhubeis said: “New Murabba has already made significant progress in laying the groundwork for Mukaab, the iconic building that will be at the heart of the development. It has already excavated over 5 million cubic meters of material, signaling our intention to build momentum as an attractive proposition for investors.

“We were fortunate to have in-depth contributions from other members of our team. Raymond Rice, master plan delivery division head, expertly outlined the details of our new modern downtown. Thomas Nilsson, executive director of delivery, also played a significant role by leading several engaging workshops. These workshops, focusing on the iconic structure Mukaab and the timetable for development, provided a platform for valuable discussions and insights.”

Alhubeis added: “As the Kingdom’s capital, Riyadh is the beating heart of the nation and its population is poised to surge to 10 million by 2030. New Murabba will give the city a new core downtown that will set new standards for quality of life and urban development in the region and beyond.”

A mixed-use real estate development in northwestern Riyadh and easternmost Diriyah, New Murabba embodies the essence of Saudi Vision 2030, promoting sustainable development, fostering innovation, and creating a vibrant hub for residents, businesses, and visitors. It is one of the world’s first true 15-minute communities: when complete, every resident will be within a 15-minute walk of all major amenities, including schools, hospitals, shopping and mosques. 

“New Murabba isn’t just about transforming a region in Riyadh — we’re redefining the entire concept of a modern downtown,” said Michael Dyke, CEO of New Murabba. “Our vision is to create a place where vibrant communities live, work, and thrive, where everything is within easy reach. New Murabba has become so much more than a typical urban development by focusing on quality of life and a better future whilst acting as a gateway to another world.”

New Murbba’s participation in the summit showcased the remarkable transformation underway in Riyadh, which is witnessing significant growth and huge development.