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New Murabba, the $50 billion development backed by Saudi Arabia’s sovereign wealth fund, has broken ground and is seeking partners to build what it calls the “world’s largest modern downtown,” CEO Michael Dyke said at the Fortune Global Forum in Riyadh.
Launched in 2023, the 14-square-kilometer northwestern district of the capital will rival the combined size of the downtowns of Manhattan, Paris, and London. At its center will be The Mukaab: a cube-shaped structure “unlike anything on the planet,” Dyke said. Inside, a spiraling tower sits beneath a vast dome that will house hotels, retail, and an immersive “digital world” 23 times larger than Las Vegas’ MSG Sphere.
The goal, Dyke said, is to turn the Riyadh district into a futuristic model of urban living, with homes, offices, services, and parks all within a short walk, known as the 15-minute city.
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The project’s progress — Dyke said 70% of zoning has been completed and infrastructure work is underway — contrasts with budget tightening of other Public Investment Fund-backed developments, most notably NEOM. Murabba aims to set a “new global standard” for integrating technology, sustainability, and culture, he said.
The scale of the project is fantastical, but still within the confines of existing construction technology and built in the region’s biggest city that has an urgent need for more housing and offices. “We’re open for partnerships,” Dyke said, calling on global tech and real estate investors to join as Saudi looks to diversify its economy beyond oil and draw global talent.
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- Saudi Arabia unveiled another massive project last week to be developed by its sovereign wealth fund, the King Salman Gate in Mecca. Spanning 12 million square meters, the development will include prayer areas, hotels, residential units, and retail spaces adjacent to the Grand Mosque.