Major Agreement Announced for Future Urban Development in Riyadh
In a significant move for urban development in Saudi Arabia, New Murabba, a company backed by the nation’s Public Investment Fund (PIF), has signed a Memorandum of Understanding with South Korea’s NAVER Cloud Corporation. This partnership will focus on a large, mixed-use area currently under construction in Riyadh, covering 14 square kilometers.
The agreement was established by New Murabba’s CEO, Michael Dyke, during an Investment and Partnership Forum happening this week in Seoul, South Korea. The three-year deal aims to explore advanced technology and automation to support the project’s development. This includes implementing robotics, autonomous vehicles, a smart city platform, and digital monitoring for construction progress.
During the forum, Dyke emphasized the role of New Murabba in realizing Saudi Arabia’s Vision 2030. He stated, “We are reshaping Riyadh’s real estate scene into a global hub for innovation, setting new standards for urban living. Our collaboration with NAVER Cloud highlights our commitment to working with international partners who share our vision for a transformative future in Saudi Arabia.”
Echoing this sentiment, Kim Yu-won, CEO of NAVER Cloud, mentioned the meaningful opportunity to apply their innovative technologies in New Murabba, which is expected to become a model for future cities. He expressed confidence in making impactful contributions to Saudi Arabia’s innovation landscape.
The New Murabba leadership team is currently in Seoul to strengthen relationships, explore technology solutions, examine funding options, and promote investment opportunities linked to the ambitious Vision 2030 project.
The invitation-only two-day forum features detailed presentations on Vision 2030, the New Murabba master plan, and discussions on technology and partnerships. An exhibition is showcasing models and virtual reality elements of the development. Over 500 attendees, including investors and technology firms, are participating in this event, highlighting the project’s wide-ranging appeal.
New Murabba has already formed partnerships with international firms such as AtkinsRealis, China Harbour Engineering Company, and Bechtel from the U.S., alongside local organizations like the Tourism Development Fund.
Set to generate over 300,000 jobs, New Murabba is committed to sustainable design and innovative infrastructure. A centerpiece of the project is The Mukaab, which will feature retail, cultural, and residential spaces. Construction has already seen the completion of excavation work equivalent to 5,400 Olympic swimming pools.
Once finished, New Murabba will include over 100,000 housing units, 10,000 hotel rooms, school and healthcare facilities, as well as sports and entertainment venues, including a 45,000-seat stadium for the FIFA 2034 World Cup.
Dyke concluded by stating that Riyadh is transforming into a world-class city, with New Murabba playing a crucial role in upcoming global events like the Riyadh Expo 2030 and the FIFA 2034 World Cup. He expressed excitement about building new partnerships during their time in Seoul and beyond.
