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New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France

New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France
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New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France

New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France

New Murabba Development Company, a leading urban development destination in Saudi Arabia, is showcasing its transformative vision at the 2024 MIPIM, a prestigious real estate event gathering industry leaders from across the globe taking place from March 12-15 at Cannes, France.

Under the “Invest Saudi” umbrella, New Murabba aims to attract international investment and highlight the Kingdom of Saudi Arabia's commitment to economic diversification.

New Murabba is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh, Saudi Arabia. It aims to create the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.

As New Murabba prepares for its groundbreaking development, Mukaab, an iconic landmark within the modern downtown district, is undergoing significant progress. The destination has already excavated over 4 million cubic meters of material. Mukaab will feature the latest innovative technology and will be one of the largest built structures in the world at 400 meters in height, width, and length).

New Murabba will offer more than 27 million sq. km of floor area, 119,000 residential units, 9,000 hotel rooms, 980,000 sq. m of retail space, 1.4 million sq. m of office space, 620,000 sq. m of leisure assets, and 1.8 million sq. m of community facilities.

New Murabba’s participation at MIPIM aligns with the Kingdom's ambitious Vision 2030 plan, which aims to diversify the economy, create jobs, and improve the quality of life for its citizens. The destination is expected to attract significant foreign investment, add around $50 billion to the non-oil economy, and create 334,000 direct and indirect jobs by 2030.

“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, Chief Executive Officer of New Murabba Development Company. “We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony. Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination.”

“New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom's exciting transformation,” he remarked.

“We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom's ambitious diversification goals,” Dyke added.

New Murabba Development Company's presence at MIPIM underscores its commitment to enabling Saudi Arabia's economic diversification. New Murabba will be a blueprint for future urban development, delivering innovation, environmental responsibility, and economic growth for the Kingdom while presenting major opportunities for the world to be a part of its success.

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Russian Central Bank Cuts Key Interest Rate as Growth Slows

People walk in front of the Bank of Russia (Central Bank of the Russian Federation) headquarters in Moscow, Russia, 20 March 2026. EPA/MAXIM SHIPENKOV
People walk in front of the Bank of Russia (Central Bank of the Russian Federation) headquarters in Moscow, Russia, 20 March 2026. EPA/MAXIM SHIPENKOV
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Russian Central Bank Cuts Key Interest Rate as Growth Slows

People walk in front of the Bank of Russia (Central Bank of the Russian Federation) headquarters in Moscow, Russia, 20 March 2026. EPA/MAXIM SHIPENKOV
People walk in front of the Bank of Russia (Central Bank of the Russian Federation) headquarters in Moscow, Russia, 20 March 2026. EPA/MAXIM SHIPENKOV

Russia's central bank on Friday cut its key interest rate to 15 percent from 15.5 percent as the economy slows under pressure from Moscow's protracted and expensive war in Ukraine and Western sanctions.

Huge spending on its forces in Ukraine had initially spurred growth and helped Moscow buck predictions of economic collapse after it launched its offensive in 2022.

But last year, Russia's economy expanded by just one percent -- a steep drop from growth of around four percent recorded in 2023 and 2024.

"High-frequency data and business surveys indicate slower growth in economic activity in early 2026. Consumer demand cooled after its sharp rise in late 2025," the state lender said in a statement announcing the rate cut.

Inflation was running at 5.9 percent on an annual basis, it added -- above its target of four percent.

Massive military spending had pushed up inflation, triggering the central bank to raise borrowing costs to more than 20 percent at their peak.

That hit businesses, with some smaller firms forced to close and several large companies announcing layoffs, or seeking state aid.

The war has also thinned Russia's government finances, having posted a deficit in every year since it ordered troops into Ukraine.

But Russia's economic fortunes have been buoyed by surging oil prices triggered by the war in the Middle East.

Benchmark Brent crude has been trading above $100 a barrel -- 40 percent higher than before the US and Israel launched strikes on Iran at the end of February.

For Russia, every extra $10 per barrel gives the government a $1.6 billion a month windfall in tax revenues, Sergey Vakulenko from Carnegie Endowment estimated.

Oil and gas revenues provide roughly a fifth of Russia's state income and had been running at a five-year low, dragged down by sanctions, production issues and Ukrainian attacks on energy facilities, before the outbreak of the war in the Middle East.

Business

Oil Up despite Efforts by US, Allies to Boost Supply and Open Strait of Hormuz

FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer
FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer
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Oil Up despite Efforts by US, Allies to Boost Supply and Open Strait of Hormuz

FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer
FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer

Oil prices gained on Friday despite leading European nations, Japan and Canada offering to join efforts to secure safe passage for ships through the Strait of Hormuz and the US outlining moves to boost oil supply.

"The potential for a quick reversal in energy prices is unlikely because damage has been done to production," said Ole Hansen, the head of commodity strategy at Saxo Bank. "The fact on the ground remains that we have a tight market." Brent futures rose $1.67, or 1.5%, to $110.32 a barrel at 1030 GMT, while US West Texas Intermediate (WTI) crude added 33 cents, or 0.3%, to $96.47.

For the week, benchmark Brent was on ‌track to rise ‌nearly 7%, while WTI was set to fall about 2% ‌in ⁠its first weekly decline ⁠in five weeks.

Israel and Iran traded fresh attacks on Friday, following a hit on an oil refinery in Kuwait, Reuters said.

In a joint statement on Thursday, after earlier hesitating, Britain, France, Germany, Italy, the Netherlands and Japan expressed "our readiness to contribute to appropriate efforts to ensure safe passage through the Strait", through which 20% of the world's oil and LNG transit.

Looking to curb soaring oil prices, US Treasury Secretary Scott Bessent said the US may soon remove ⁠sanctions from Iranian oil stranded on tankers, and said a further ‌release of crude from the US Strategic Petroleum ‌Reserve was possible.

Brent jumped higher than $119 a barrel on Thursday, coming close to a March 9 ‌peak, after Iran responded to an Israeli attack on a major gas field ‌by knocking out 17% of Qatar's LNG capacity, causing damage that will take up to five years to repair.

US President Donald Trump said he told Israel not to repeat attacks on Iranian gas infrastructure. Israeli Prime Minister Benjamin Netanyahu said his country had acted alone in the attack ‌and Iran no longer has the capacity to enrich uranium or make ballistic missiles.

Earlier in the Friday session, both benchmarks had ⁠shed some of their "war ⁠premiums" as world leaders started to acknowledge a need for restraint and de-escalation, said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added that markets will remain sensitive to the critical Hormuz chokepoint.

"The damage has been inflicted, and even if safe passage for tankers is somehow negotiated through Hormuz, reviving logistics fully fledged can take an awfully long time," Sachdeva said.

In a boost to US supply, North Dakota's crude output is expected to rise this month and in the following months as operators in the third-largest oil-producing state restart inactive wells and winter restrictions are eased, the state's regulator said on Thursday.

The North Dakota Department of Mineral Resources said, however, the pace of activity would depend on how long oil prices stay high and that oil majors' budgets have already been set.

Business

Syria Sets 2026 Budget at Around $10.5 Billion

10 March 2026, Syria, Damascus: Syrian President Ahmed al-Sharaa meets with representatives of youth from various initiatives and sectors at the People's Palace in Damascus. Photo: -/APA Images via ZUMA Press Wire/dpa
10 March 2026, Syria, Damascus: Syrian President Ahmed al-Sharaa meets with representatives of youth from various initiatives and sectors at the People's Palace in Damascus. Photo: -/APA Images via ZUMA Press Wire/dpa
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Syria Sets 2026 Budget at Around $10.5 Billion

10 March 2026, Syria, Damascus: Syrian President Ahmed al-Sharaa meets with representatives of youth from various initiatives and sectors at the People's Palace in Damascus. Photo: -/APA Images via ZUMA Press Wire/dpa
10 March 2026, Syria, Damascus: Syrian President Ahmed al-Sharaa meets with representatives of youth from various initiatives and sectors at the People's Palace in Damascus. Photo: -/APA Images via ZUMA Press Wire/dpa

Syria's President Ahmed al-Sharaa said on Friday the 2026 budget was set at around $10.5 billion, nearly triple last year's level, state TV reported.

He said GDP is estimated to reach $60 billion-$65 billion this year, adding the economy could return to 2010 levels and improve services.

Speaking after Eid al-Fitr prayers in Damascus, Sharaa said the government will prioritize ending displacement camps and enabling returns, with funds ⁠allocated to rebuilding infrastructure ⁠in hard-hit areas including Idlib and Aleppo, where rival armed factions have clashed in recent months.

He said government spending rose to about $3.5 billion in 2025, while GDP reached around $32 billion after growth of 30% to 35%, with the ⁠budget recording a surplus for the first time.

He added that a dedicated infrastructure fund of at least $3 billion would be financed from government spending.

According to Reuters, Sharaa said additional funds would go to eastern regions such as Deir Ezzor, Hasaka and Raqqa - areas heavily damaged during the war against ISIS - focusing on services, while about 40% of the 2026 budget will be spent on health ⁠and education.

He ⁠said territory retaken by the government had returned key resources to state control, supporting the economy, but acknowledged rebuilding will take time.

He also said Syria is seeking stability and balanced ties abroad after years of conflict.

The country has attracted growing foreign investment as it rebuilds, with Gulf states among key backers, including Saudi Arabia's involvement in major infrastructure projects worth billions of dollars, and the UAE's DP World signing an $800 million ports deal.