Saudi Arabia: New Murabba Development Company has signed a memorandum of understanding with the Tourism Development Fund to spearhead the transformation of Riyadh.

The agreement will see the two entities work together to create New Murabba, for what they envisage will be the world’s largest modern downtown, serving as a model for future urban development and contributing toward Riyadh city’s evolution, in line with Vision 2030.

NMDC’s strategic partnership with TFD is pivotal in realizing New Murabba’s ambition to create the most advanced, transformative, downtown experience in the world. It aims to fulfil Saudi Arabia’s potential as a leading investment destination — for what the entities involved foresee as a place where people live, work and play; a tourism and hospitality hotspot distinguished by a thriving technology ecosystem; an enabling business environment; and a diverse and welcoming society.

The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri. 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 aims to unlock New Murabba’s potential, placing Riyadh at the forefront of global destinations and showcasing the Kingdom’s commitment to innovative, sustainable urban development, cultural richness and international visitor experiences.