New Murabba Sign Strategic MoU to Advance Urban Development

New Murabba, a Public Investment Fund company, has signed a strategic Memorandum of Understanding (MoU) with the Ministry of Municipalities and Housing (MOMAH). The MoU was formalized by H.E. Ihab Hashani, Deputy Minister of Municipalities and Housing, and Michael Dyke, CEO of New Murabba. 

The agreement explores integrating land uses for major projects in Riyadh, including the New Murabba destination, aligns the national targets of MOMAH with those of New Murabba in accordance with relevant regulations, and explores avenues for cooperation and information exchange. It also aims to support green-space strategies, covering the scale of greening as well as design standards for sidewalks that ensure traffic safety. The MoU also benefits from global best practices in redeveloping city centers and infrastructure by exploring opportunities for cooperation to adopt technical and procedural manuals for construction and to implement community programs that serve the destination’s residents and surrounding neighborhoods, while promoting community participation that benefits the public and enhances quality of life.

Under the MoU, the architectural designs and identity of New Murabba will be aligned with the Ministry’s objectives to reflect the Saudi Vision for urban and housing development. It also includes a qualifying real estate developer and contractor application. It further includes reviewing key strategic plans for developing smart cities at MOMAH and benefiting from cooperation programs with countries around the world. The Ministry will support the implementation of Protech initiatives that aim to enhance sustainability.

New Murabba seeks to integrate with various public and private sector entities through the signing of effective strategic partnerships, aiming to achieve the destination’s targets and contribute to achieving national sustainable development goals in line with Saudi Arabia’s Vision.