• Saudi Crown Prince established a company to carry out a hugely ambitious development in downtown Riyadh.
• the New Murabba Development Company’s project will feature more than 80 cultural and entertainment venues.
• The development will cover 19 square kilometres to the northwest of Riyadh when it is finished in 2030.

As part of Saudi Arabia‘s plans to transform its capital into a major global city and diversify its economy, Saudi Crown Prince Mohammed bin Salman today established a company to carry out a hugely ambitious development in downtown Riyadh.

With a total investment of $800 billion, the kingdom hopes to double the size and population of its capital city as part of its Vision 2030 plan to modernise the Gulf Arab nation and lessen its reliance on oil export income.

According to the state news agency SPA, the New Murabba Development Company’s project will feature more than 80 cultural and entertainment venues, a museum, a technology and design university, a multipurpose immersive theatre, and more.

The development will cover 19 square kilometres to the northwest of Riyadh when it is finished in 2030, in time for Expo 2030, which Saudi Arabia has bid to host. It will house hundreds of thousands of people.

The SPA claimed that everything was in line with Saudi Arabia‘s Public Investment Fund’s (PIF) plans to strengthen the private sector, fund local infrastructure and real estate endeavors, and diversify the economy’s revenue streams.

According to the report, the project is anticipated to boost non-oil GDP by 180 billion riyals ($48 billion) and generate 334,000 direct and indirect jobs by 2030.

“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 SPA added.

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