Saudi Arabia's $50bn new Murabba project extends timeline to 2040

 

Riyadh’s $50bn new Murabba project to be completed by 2040

Saudi Arabia’s ambitious New Murabba project — a $50 billion downtown district planned for Riyadh — is now expected to reach full completion by 2040, a decade beyond the original Vision 2030 target, according to Arabian Gulf Business Insight.

Officials confirmed that only the first of four phases will be completed by the end of this decade. This phase includes the project’s centrepiece, the Mukaab, a 400-metre-tall cube-shaped structure described by its backers as “the most complex structure known to man,” along with residential and commercial zones.

Speaking at a closed investor briefing earlier this year, Julien Renaud-Perret, Executive Director of Hospitality at New Murabba, said:

 

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“We aim to have phase one ready for Expo 2030, followed by additional stages for the 2034 World Cup, and further developments through 2035 and 2040.”

The extended timeline reflects a broader shift in the Public Investment Fund (PIF)’s spending priorities. PIF’s latest report showed that giga-projects like Neom, Qiddiya, Diriyah, Red Sea Global, and Roshn accounted for just 6% of total assets in 2024 — down from 8% a year earlier — amid a SAR 30 billion ($8 billion) reduction in development investments. Sources told AGBI that PIF has ordered at least 20% budget cuts across more than 100 companies this year, leading to project slowdowns and workforce reductions.

Despite the revised schedule, New Murabba remains central to Riyadh’s transformation under Vision 2030, serving as a new downtown hub expected to house 90,000 residential units, 10,100 hotel rooms, and 1.4 million square metres of retail space. Once completed, it will accommodate an estimated 273,000 residents.

 

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A 45,000-seat stadium included in Saudi Arabia’s 2034 World Cup bid is planned to open in 2032, while phases 2A and 2B are expected by 2034–2035, and phase 3 by 2040. The full masterplan envisions 24 hotels offering nearly 7,000 rooms, with luxury brands dominating the hospitality mix.

According to Steve Rossouw, Executive Director of the Mukaab, the development will feature a 300,000-square-metre mall, comparable to Dubai Mall, creating a “huge retail offering” within Riyadh’s emerging downtown core.

New Murabba CEO Michael Dyke reaffirmed the project’s alignment with Vision 2030, saying it will be “an integral part of Riyadh’s future — a hub for tourism, innovation, and lifestyle.”

Source: Arabian Gulf Business Insight