{"id":47788,"date":"2024-02-29T20:01:04","date_gmt":"2024-02-29T17:01:04","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=47788"},"modified":"2026-03-28T05:16:11","modified_gmt":"2026-03-28T02:16:11","slug":"new-murabba-development-company-partners-with-tourism-development-fund-to-bring-riyadhs-visionary-downtown-to-life","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/new-murabba-development-company-partners-with-tourism-development-fund-to-bring-riyadhs-visionary-downtown-to-life\/","title":{"rendered":"New Murabba Development Company partners with Tourism Development Fund to bring Riyadh\u2019s visionary downtown to life"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Riyadh, February 29.2024<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New Murabba Development Company (NMDC) has signed a Memorandum of Understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world\u2019s largest , modern downtown, serving as a model for future urban development and contributing towards Riyadh city\u2019s evolution, in line with Vision 2030.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NMDC\u2019s strategic partnership with TFD marks a pivotal moment in realization of New Murabba\u2019s bold ambition to create the most advanced, transformative, downtown experience in the world. It aims to fulfil Saudi Arabia\u2019s potential as a leading investment destination \u2014 a place where people live, work, and play. A go-to tourism and hospitality hotspot distinguished by a thriving tech ecosystem, an enabling business environment and a diverse and welcoming society.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MoU was signed by&nbsp;New Murabba Development Company CEO, Michael Dyke and TDF CEO, Qusai bin Abdullah Al-Fakhri. As part of the agreement, TDF will provide direct financing opportunities \u2014 in collaboration with its network of partners and contracted investors, which solidifies NMDC\u2019s access to TDF\u2019s expertise, networks and investment capabilities.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement is poised to unlock New Murabba&#8217;s immense potential, placing Riyadh it at the forefront of global destinations and showcasing the Kingdom of Saudi Arabia&#8217;s commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800-1024x683.webp\" alt=\"New Murabba Development Company and TDF officials following the signing of a Memorandum of Understanding._ssict_1200_800\" class=\"wp-image-47789\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800-1024x683.webp 1024w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800-300x200.webp 300w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800-768x512.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800-1080x720.webp 1080w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/02\/New-Murabba-Development-Company-and-TDF-officials-following-the-signing-of-a-Memorandum-of-Understanding._ssict_1200_800.webp 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Qusai bin Abdullah Al-Fakhri, CEO, TDF, said: \u201cWe are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life: an innovative undertaking that will enhance Riyadh\u2019s status on the global stage as one of the commercial and financial capitals of the world. This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added: \u201cIn line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh; one that adds to the richness of the Kingdom\u2019s inspiring story of transformation. Together, we aim to create a modern downtown in the Saudi capital that provides even greater access to exceptional living, working and entertainment experiences. Representing the very best of Saudi excellence, we believe New Murabba will attract tourists \u2014 as well as investors \u2014 to the Kingdom, and improve citizens\u2019 and residents\u2019 quality of life.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Michael Dyke, CEO, NMDC, said: \u201cNew Murabba will be a gateway to the future. We are confident that our partnership with TDF&nbsp;&nbsp;will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030.&nbsp;&nbsp;Together, we will create groundbreaking opportunities that will not only elevate the Saudi tourism landscape, and&nbsp;&nbsp;drive New Murabba to the forefront of global innovation.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added: \u201cReflecting our commitment to the community and the environment, New Murabba has been designed in accordance with internationally established best practices and sustainability standards; incorporating green spaces, providing an extensive network of walking paths and promoting healthy living. Our goal is to make New Murabba a truly exceptional place to live, work, play, and visit. We will offer convenient access to a wide range of amenities and experiences that will enhance the lives of residents and visitors, fostering a sense of security and well-being. Accessibility is also a top priority for us, with New Murabba being just 20 minutes away from King Khalid International Airport by car. The Mukaab \u2014 a new architectural wonder \u2014 will, of course, serve as the center piece of New Murabba, redefining Riyadh\u2019s skyline from the outside, which presenting a truly jaw-dropping experience within the inside .<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Established in 2022, New Murabba Development Company is wholly owned by the Public Investment Fund (PIF), with its Board of Directors being chaired by His Royal Highness Crown Prince Mohammed bin Salman.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Mukaab, a stunning architectural masterpiece, sits at the heart of New Murabba; its external fa\u00e7ade being inspired by the modern Najdi style, complementing Riyadh\u2019s skyline. The iconic building, featuring a tower atop a spiral base and a structure comprising 2 million sq. m of floor space, will be a premium hospitality destination with a multitude of retail, cultural and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TDF aims to enhance tourism investments and projects through financing and non-financing programs and solutions designed to support investors, entrepreneurs, and tourism facilities. The Fund works in partnership with a range of entities, including businesses and companies in the private sector, to achieve the objectives of Vision 2030 and the National Tourism Strategy.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, February 29.2024 New Murabba Development Company (NMDC) has signed a Memorandum of Understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world\u2019s largest , modern downtown, serving as a model for future urban development 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