New Murabba Development Company (NMDC) has 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.
NMDC’s strategic partnership with TFD marks a pivotal moment in the realization of New Murabba’s bold ambition to create the most advanced, transformative, downtown experience in the world.
According to the statement, “Further, it aims to fulfill Saudi Arabia’s potential as a leading investment destination, a place where people live, work, and play, a go-to tourism and hospitality hotspot distinguished by a thriving technology ecosystem, an enabling business environment; and a diverse and welcoming society.”
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.
Qusai bin Abdullah Al-Fakhri, CEO of TDF, said that, “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. 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. 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, and drive New Murabba to the forefront of global innovation,” commented Michael Dyke, CEO of NMDC.
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