As part of Saudi Arabia’s plans to transform its capital into a major global city and diversify its economy, Saudi Crown Prince Mohammed bin Salman launched a company on Thursday to carry out a hugely ambitious development in downtown Riyadh.
With a total expenditure of $800 billion, the kingdom hopes to double the size and population of its capital city as part of its Vision 2030 plan to modernize the Gulf Arab nation and lessen its reliance on oil export income.
According to the state news agency SPA, the New Murabba Development Company’s proposal will have more than 80 cultural and entertainment venues, a museum, a technology and design university, a multipurpose immersive theatre, and more.
The construction will cover 19 square kilometers to the northwest of Riyadh when it is finished in 2030, in time for Expo 2030, which Saudi Arabia has bid to host. It will house hundreds of thousands of people.
To accommodate hundreds of thousands of residents, the project will be spread across a 19-square-kilometer region.
The SPA claimed that all was in line with Saudi Arabia’s Public Investment Fund’s (PIF) aims to strengthen the private sector, fund local infrastructure and real estate endeavors, and diversify the economy’s revenue streams.
According to the report, the project is anticipated to boost non-oil GDP by 180 billion riyals ($48 billion) and generate 334,000 direct and indirect jobs by 2030.
The company’s launch is in accordance with PIF’s objective to enable the private sector, promote local content, and uncover the potential of promising areas.
“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 SPA added.
