New Murabba Development Company signs MoU with Tourism Development Fund aiming to position Riyadh as a leading city in urban innovation

By signing a Memorandum of Understanding (MoU), New Murabba Development Company (NMDC) and the Tourism Development Fund (TDF) have established a strategic cooperation to transform Riyadh into a downtown visionary that will redefine urban development globally. This partnership is in line with the aspirational Vision 2030, which seeks to establish Riyadh as a premier investment destination and a leader in urban innovation. 

The collaboration between TDF and NMDC is essential to achieving New Murabba's ambitious goal of creating an unmatched downtown experience. With the help of this plan, Saudi Arabia's investment potential will be fully realised, and a thriving community with a dynamic digital ecosystem and business-friendly environment will be created for individuals to live, work, and enjoy leisure activities.

The Memorandum of Understanding, which was signed by Qusai Al-Fakhri, CEO of TDF, and Michael Dyke, CEO of NMDC, provides provisions for direct funding opportunities from TDF, utilising its vast network and investing experience. This deal is anticipated to be a major step forward in the development of New Murabba, demonstrating Saudi Arabia's commitment to sustainable urban expansion, cultural enhancement, and providing inhabitants and tourists from across the world with new experiences.

The Public Investment Fund (PIF) founded NMDC in 2022 to transform New Murabba into a model community of contemporary architecture and live, with the Mukaab acting as a major draw. TDF's contribution to bolstering tourist investments is in line with the National tourist Strategy's and Vision 2030's more general goals, indicating a positive future for Riyadh's growth.