Fresh funding for “world’s largest downtown” in Riyadh

TDF to partly bankroll the New Murabba downtown destination: PIF-owned New Murabba Development Company (NMDC) has inked an MoU with the Tourism Development Fund (TDF) for the development and financing of what they are billing as the “world’s largest downtown” in Riyadh, state news agency SPA reports. NMDC is chaired by Crown Prince and Prime Minister Mohammed bin Salman.

Financing: TDF will provide some financing under the new agreement along with its network of partners and contracted investors.

Background:The USD 50 bn 19 km downtown is anticipated to include over 104k residential units, 9k-keys hotel, and a range of supplementary amenities in the Northwest region of Riyadh, featuring a tech and design university, a museum, along with other cultural venues. The New Murabbah is a 20 minute drive from King Khalid International Airport.

A tourist, commercial, residential destination: The new destination is set to become a destination for residents, companies, leisure seekers, and tourists, said NMDC’s CEO Michael Dyke. “The Mukaab — a centerpiece iconic skyscraper — will, of course, serve as the centerpiece of New Murabba, redefining Riyadh’s skyline from the outside, which presents a truly jaw-dropping experience," Dyke added.

Looking forward: The new venture is expected to inject SAR 180 bn into the Kingdom's non-oil economy, while also generating 334k jobs by 2030.