Saudi Arabia PIF-backed NMDC set to develop world's largest modern downtown
NMDC is looking at developing the project and building the “Mukaab,” a landmark highlighting the latest technological innovation. It will deliver an experience created by virtual and digital tech, with the latest holographics.
Saudi Arabia's Crown Prince Mohammed bin Salman announced the launch of the New Murabba Development Company (NMDC) on February 16.
Located in Riyadh and backed by (PIF), the NMDC is expected to develop the largest modern downtown across the globe. The step falls in line with the objectives of Saudi Vision 2030.
The PIF's aim is to explore opportunities in promising sectors, facilitate the private sector, contribute to real estate project development and the development of local infrastructure, increase local content, as well as diversify the sources of income for the country's economy.
About the project
The downtown will be located at the intersection of King Salman and King Khalid roads to the North West of Riyadh, said a report by Saudi Press Agency. The project will cover an area of 19 sq km, that will reportedly accommodate hundreds of thousands of residents.
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It will offer over 25 million sqm)of floor area, and feature over 104,000 residential units, 9,000 hotel rooms, and over 980,000 sqm of retail space.
Additionally, it will cover 1.4 million sqm of office space, 620,000 sqm of leisure assets, and 1.8 million sqm of space will be for community facilities.
Overall ambience
The project is expected to be constructed keeping sustainability in mind. It will feature "green areas", along with walking and cycling paths.
A multipurpose theatre, a museum, a technology and design university, and over 80 entertainment and culture venues will also be built.
The downtown will offer a working, residential and entertainment experience. It is also set to have its own internal transport system that will facilitate an estimated 20-minute drive from the airport.
Plans ahead
NMDC is looking at developing the project and building the “Mukaab,” a landmark highlighting the latest technology innovation. It is expected to be one of the largest built structures in the world, which will stand 400m high, 400m wide, and 400m long.
Inspired by the Najdi architectural style, it will deliver an experience created by virtual and digital tech, with the latest holographic, added the report. It will encompass a structure featuring two million sqm of floor space, which is expected to be a premium hospitality destination.
Overall, the project is expected to add $47.9 billion (SAR180 billion) to Saudi Arabia's non-oil GDP. In addition to this, it aims to create 334,000 direct and indirect jobs by 2030.
It will be completed in 2030.
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Edited by Kanishk Singh