The World’s Largest Downtown in Riyadh with New Murabba Development Initiative
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The New Murabba Development Company (NMDC), supported by the Public Investment Fund (PIF) of Saudi Arabia, has joined forces with the kingdom’s Tourism Development Fund (TDF) to establish what is being advertised as ‘the world’s largest downtown’ in Riyadh.
This project aims to significantly enhance Riyadh’s urban landscape and is expected to contribute approximately with 180 billion Saudi Arabian riyals ($48 billion) to Saudi Arabia’s non-oil gross domestic product (GDP), while also generating 334,000 jobs, both directly and indirectly, by the year 2030.
The initiative will focus on the development of the New Murabba, an innovative downtown area designed to set a new standard for urban development projects and support the transformation of Riyadh. The TDF will support the project by offering financing options through its network of partners and investors.
NMDC’s CEO, Michael Dyke, highlighted that the New Murabba will feature extensive greenery, walking paths to encourage active lifestyles, and the Mukaab tower at its core. This tower, inspired by Najdi architecture, will include a unique spiral base and offer 2 million square meters of floor space for a mix of hospitality, retail, cultural, and tourist attractions, in addition to residential and hotel accommodations, commercial areas, and leisure facilities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
