Mega projects across the Middle East embody the region’s growth, diversification, and aspirations for global prominence.

Saudi Arabia spearheads this trend with iconic projects like NEOM, the Red Sea Project, and the futuristic New Murabba development.

Fresh off its showcase at the prestigious MIPIM 2024 real estate conference, the New Murabba Development Company (New Murabba) actively seeks international investment for its ambitious urban redevelopment project in Riyadh.

Launched in February 2023 by Saudi Crown Prince Mohammed bin Salman, New Murabba aims to build the world’s largest downtown district by 2030. 

The project’s centerpiece is the Mukaab, a staggering structure with a cubic design measuring 400 meters in all dimensions. This colossal building will house a 2 million square meter space dedicated to diverse uses, including retail stores, cultural attractions, tourist destinations, residential units, hotels, commercial spaces, and recreational facilities.

New Murabba officials confirmed this week that construction has begun on the Mukaab. This project is expected to contribute significantly to the nation’s economy. 

By 2030, New Murabba estimates the project will add $47.9 billion to the country’s non-oil GDP and create over 334,000 jobs.

While New Murabba is considered one of the most expensive giga-projects, with a valuation estimated at $50 billion by Knight Frank, it faces potential delays.  

Falling oil prices have led to Saudi Arabia experiencing budget deficits, prompting speculation about adjustments to the 2030 deadline for various giga-projects.

However, at the MIPIM conference, New Murabba representatives sought to quell investor concerns and actively encouraged participation. “New Murabba offers numerous investment opportunities for global investors looking to engage with emerging markets,” said CEO Michael Dyke.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.