Ajit Karn
Saudi Arabia wants Riyadh to have a huge new downtown by 2030.
Dubai: As part of Saudi Arabia’s plans to transform its capital city into a global metropolis and diversify its economy, Saudi Crown Prince Mohammed bin Salman today launched a company that will carry out a hugely ambitious development in downtown Riyadh. The company will carry out the development as part of Saudi Arabia’s plans.
As part of its Vision 2030 plan to modernise the Gulf Arab state and cut its reliance on money from oil exports, the kingdom plans to spend a total of $800 billion in the city of Riyadh, with the goal of increasing both its size and its population by a factor of two.
According to the state news agency SPA, the New Murabba Development Company’s proposal will have over 80 cultural and entertainment venues, in addition to a museum, a university that specialises in technology and design, a multi-purpose immersive theatre, and other facilities.
The development will cover an area of 19 square kilometres to the northwest of Riyadh and provide housing for hundreds of thousands of residents by the time it is finished in the year 2030, which is in time for Expo 2030, which Saudi Arabia has bid to host. The completion date for the project is 2030.
According to the Saudi Arabian General Investment Authority (SPA), all of this was part of the Saudi sovereign Public Investment Fund’s (PIF) intentions to enable the private sector, promote real estate projects and local infrastructure, and diversify the sources of revenue for the economy.
It was said that it was anticipated that the project will contribute 180 billion riyals ($48.00 billion) to non-oil GDP and generate 334,000 direct and indirect employment by the year 2030.
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“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 Sustainable Planning and Architecture (SPA) added. “The New Murabba project will feature green areas and walking and cycling paths.”
