New Murabba Development Company to revitalize Riyadh's downtown
The New Murabba Development Company (NMDC) has forged a strategic
alliance with the Tourism Development Fund (TDF) through the signing of a
Memorandum of Understanding (MoU), aimed at revitalizing Riyadh's downtown area
and establishing a new global benchmark for urban development. This
collaboration is in line with the ambitious Vision 2030, which seeks to
position Riyadh as a frontrunner in urban innovation and a premier investment
destination.
The partnership between NMDC and TDF represents a cornerstone in the realization of the ambitious vision for New Murabba, striving to craft an unparalleled downtown experience. The initiative intends to leverage Saudi Arabia's investment potential, fostering a vibrant community where residents can live, work, and partake in leisure activities within a dynamic technological ecosystem and a conducive business environment.
New
Murabba Development Company (NMDC) appoints Michael Dyke as its new CEO
Signed by NMDC CEO Michael Dyke and TDF CEO Qusai Al-Fakhri, the MoU encompasses provisions for direct financing opportunities from TDF, capitalizing on its extensive network and investment acumen. This agreement is poised to propel the development of New Murabba significantly, underscoring Saudi Arabia's commitment to sustainable urban expansion, cultural enrichment, and the provision of distinctive
experiences for both residents and global visitors.
Qusai Al-Fakhri expressed enthusiasm about the partnership, highlighting its role in elevating Riyadh's global standing as a commercial and financial nucleus. This collaboration is viewed as an extension of Saudi Arabia's transformative journey, contributing to the National Tourism Strategy and Vision 2030 by enhancing access to exceptional lifestyle, business, and entertainment offerings in Riyadh.
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gets a share in Riyaadh’s Mukaab Tower in its expanding Saudi footprint
Michael Dyke emphasized the future impact of New Murabba,
aligning with Vision 2030's objectives to diversify the Saudi economy and lead
in global innovation. He underscored the project's commitment to sustainability, community welfare, and accessibility, with New Murabba
strategically situated just 20 minutes away from King Khalid International
Airport. The Mukaab, an architectural marvel, is poised to become the focal
point of New Murabba, reshaping Riyadh's skyline and offering a pioneering
experience.
Established by the Public Investment Fund (PIF) in 2022, NMDC aims to transform New Murabba into a symbol of contemporary living and architectural eminence, with the Mukaab serving as a key attraction. TDF's involvement in supporting tourism investments resonates with the broader goals of Vision 2030 and the National Tourism Strategy, heralding a promising future for Riyadh's development.
Source: Saudi Gazette
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