- | 12:00 pm
Saudi Arabia to build a mega downtown in Riyadh by 2030
By 2030, the project would add $48 billion to the GDP and generate 334,000 direct and indirect jobs.
Saudi Arabia plans to transform its capital into a major global city. For that, Saudi Crown Prince Mohammed bin Salman has launched New Murabba Development Corporation (NMDC) to implement an ambitious development in downtown Riyadh. The project will be a sustainable smart city, and would be able to hold 20 of New York’s trademark Empire State buildings, according to Public Investment Fund (PIF).
According to the state news agency SPA, NMDC’s project will have more than 80 cultural and entertainment venues, a museum, a technology and design university, and an immersive multipurpose theater.
The development will spread over 19 square kilometers to the northwest of Riyadh when it is finished in 2030, providing accommodation for hundreds of thousands of residents, in time for Expo 2030, which Saudi Arabia has bid to host.
The project will come under the PIF, which is planning to strengthen the private sector and fund local infrastructure and real estate endeavors.
“A gateway to another world: #TheMukaab will be the world’s first immersive, experiential destination. Large enough to hold 20 Empire State Buildings, the global icon will feature innovative technologies to transport you to new worlds,” the PIF tweeted.
By 2030, the project would add $48 billion to the non-oil GDP and generate 334,000 direct and indirect jobs.
“The New Murabba project will be built around the concept of sustainability, featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities,” the news agency said.