New Murabba Development Company (NMDC) 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’s largest modern downtown, serving as a model for future urban development and contributing towards Riyadh city’s evolution, in line with Vision 2030, SPA reported.
The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri.
As part of the agreement, TDF will provide direct financing opportunities in collaboration with its network of partners and contracted investors, solidifying NMDC’s access to TDF’s expertise, networks, and investment capabilities.
The agreement is poised to unlock New Murabba's immense potential, placing Riyadh at the forefront of global destinations and showcasing the Kingdom of Saudi Arabia's commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.
“We 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’s status on the global stage as one of the commercial and financial capitals of the world,” TDF’s Al-Fakhri said. “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.”
“In 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’s inspiring story of transformation,” the TDF chief said. “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, as well as investors, to the Kingdom and improve citizens’ and residents’ quality of life.”
“New Murabba will be a gateway to the future,” NMDC’s Dyke said. “We are confident that our partnership with TDF 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. Together, we will create groundbreaking opportunities that will not only elevate the Saudi tourism landscape but drive New Murabba to the forefront of global innovation.”
