Today: 13 July 2025
16 February 2023
1 min read

Saudi to set up world’s largest modern downtown in Riyadh

The downtown will be completed in 2030 and is expected to generate 180 billion Saudi Riyals ($48.6 billion) to non-oil GDP…reports Asian Lite News

Saudi Arabian Crown Prince Mohammed bin Salman Al Saud has announced the launch of the New Murabba Development Company to develop the world’s largest modern downtown in the capital of Riyadh.

The downtown will be completed in 2030 and is expected to generate 180 billion Saudi Riyals ($48.6 billion) to non-oil GDP, Xinhua news agency reported, citing a Saudi Press Agency report. The project is also expected to create 334,000 direct and indirect jobs.

The project will cover an area of 19 square km to accommodate hundreds of thousands of residents. It will feature an iconic museum, a technology and design university, an immersive multipurpose theater, and more than 80 entertainment and culture venues.

The establishment of the New Murabba Development Company is one project of the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, to unlock the capabilities of promising sectors, and diversify sources of income for the oil-dependent Saudi economy.

ALSO READ: Saudi to host FIFA Club World Cup 2023

Previous Story

WATER VISION@2047:INDIA MOVING AHEAD

Next Story

Apple supplier Foxconn leases new site in Vietnam

Latest from -Top News

UAE rolls out red carpet for Indian start-ups

MoU signed with IIT Bombay’s SINE as CEPA Start-up Series aims to accelerate market access for Indian ventures In a bid to bolster cross-border entrepreneurship and innovation, the UAE-India CEPA Council (UICC),

Masdar powers ahead in UK

€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s

Indian Doctor Gets Top Sharjah Award

The award was presented by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. In a moment of immense pride for the Indian diaspora, renowned paediatrician-turned-entrepreneur Dr.

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum
Go toTop

Don't Miss

Lebanon Wants To Mend Ties With Saudi Arabia

Lebanese President Michel Aoun said that his country is keen

South Korea gets ready for Saudi’s n-power project

The South Korean government has completed preparations for Saudi Arabia