Saudi Arabia showcases 'New Murabba' at MIPIM 2025
Saudi Arabia showcased its 'New Murabba', a Public Investment Fund (PIF) company, at the real estate event MIPIM 2025 held from March 11- 14 in Cannes, France
Riyadh: Saudi Arabia showcased its 'New Murabba', a Public Investment Fund (PIF) company, at the real estate event MIPIM 2025 held from March 11- 14 in Cannes, France.
MIPIM (from the French: Le Marché international des professionnels de l'immobilier) is a four-day property and real estate trade show held annually in March at the Palais des Festivals in Cannes, France.
The participation of New Murabba was aimed at enhancing international investment in the Kingdom and highlight its commitment to economic diversification.
New Murabba’s presence at MIPIM 2025 featured a series of insightful sessions led by key executives. These sessions provided attendees with a deeper understanding of New Murabba’s strategic vision and its alignment with Saudi Arabia’s broader development goals, the company said in a statement released Sunday.
CEO of New Murabba Michael Dyke took part in a panel discussion titled "How the Saudi Giga Projects Are Contributing to the Kingdom’s Economy and Vision 2030," while Head of Sales Robert Pearce participated in the panel discussion "Changing Saudi Economy and Changing Regulations for Foreign Investment."
EPMO and Stakeholder Management Division Head Eissa Almunif contributed to the panel "Changing Demographics in Saudi Arabia and How This Affects Development Planning."
Development Director Ashwaq Albabtain joined the panel "Mega Events, Hospitality, and Leisure," while Executive Director of Capital Partnerships Development Nida Raza participated in the discussion "The Evolving Real Estate Sector in Saudi Arabia".
Director of Healthcare and Education Development Reham Alawaji took part in the panel "Creating Livable Cities with Purpose."
"We are committed to collaborative development and world-class execution. New Murabba has completed 14 million cubic meters of excavation while achieving 5.5 million safe hours without lost-time incidents. This milestone enables the commencement of permanent works for The Mukaab, ensuring the groundwork is set for the next phase of construction", Dyke emphasized during his participation.
He also added that this progress underscores New Murabba’s dedication to delivering a world-class destination that will redefine urban development and contribute to a vibrant live-work-visit offering within the project.
About New Murabba
Saudi Arabia's Crown Prince Mohammed bin Salman (MbS) announced the launch of the New Murabba Development Company, in February 2023 to oversee developing a new downtown area spread over 19 sq.km in capital Riyadh.
The main feature of the project has been named the Mukaab, a gigantic cube structure has been described as the future 'face of the city', and critics say it may even be the face of a new Saudi Arabia, focussing and generating more revenue through tourism than petroleum. At present, the plan is to fill the cube with 100,000 residential units as well as 9,000 hotel rooms.
New Murabba (square) and the Mukaab were however widely ridiculed by social media users, both within and outside Saudi Arabia, apart from a large number of Muslims all across the globe, as soon as the plans were announced.
The Mukaab was also denounced for its likeness to the most important cube-like structure in Saudi Arabia and the Islamic world - the Kaaba.
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