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Press Release | 15 March 2024

Saudi Showpiece New Murabba ‘Open for International Investment’ 

Cannes, France – March 15, 2023- New Murabba Development Company has made a powerful impression at the prestigious MIPIM 2024 event in Cannes, France. The event, which brings together the world's leading players in the property development sector, saw New Murabba unveil its vision for reshaping urban development, and announced its readiness to welcome international investors. 

 

New Murabba CEO Michael Dyke highlighted the numerous opportunities available for international investors seeking to participate in New Murabba. This 19 square kilometer mixed-use development will become the core of Riyadh’s downtown. 

 

New Murabba has already made significant progress in laying the groundwork for Mukaab, the iconic cube-shaped building that will be at the heart of the development. It has already excavated a staggering with almost 4M m3 of material, signaling its intention to build momentum as an attractive proposition for global investors seeking to be part of a groundbreaking development. 

 

New Murabba actively participated in the Invest Saudi panel discussions held on the sidelines of MIPIM, further amplifying its presence. Thomas Haag, Development Director, showcased the urban developments unique value proposition during a session titled "Redefining Urban Futures: New Murabba Downtown Development and the Evolution of Master-planning in Saudi Arabia."  

 

Giancarlo Filartiga, Senior Director, Residential & Mixed-use Development, highlighted the significant contributions of Saudi Arabia’s giga destinations to the Kingdom's economic landscape and Vision 2030 realization, participating in the session titled "How the Saudi Giga destinations are Contributing to KSA's Economic Landscape and the Realization of Vision 2030." 

 

As one of the leading destinations in the Kingdom, New Murabba is strategically aligned with Vision 2030, aiming to play a key role in diversifying the Kingdom's economy.  

 

“New Murabba offers numerous investment opportunities for global investors looking to engage with emerging markets," said Dyke. "One of our key mandates is to encourage private investment, which will contribute to reshaping urban development on a global scale. Investing in New Murabba presents a unique opportunity for first movers to participate in a market that is outperforming many other global destinations,” he added.  

 

New Murabba's participation in MIPIM 2024 is a testament to its unwavering commitment to shaping the future of urban development in Riyadh and across the Kingdom and beyond. With the New Murabba offering a multitude of unparalleled opportunities, the development stands ready to welcome and partner with global investors, co-creating a thriving and sustainable urban masterpiece. 

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