Latest news with #NewMurabbaDevelopmentCompany
Korea Herald
01-07-2025
- Business
- Korea Herald
S. Korea at heart of Saudi Vision 2030's smart city project: NMDC CEO
Naver Cloud forms first Korean partnership with the mega smart city project to work on autonomous and smart technologies Under Saudi Arabia's Vision 2030, a massive urban development is underway in Riyadh that aims to transform not only the kingdom's capital but the entire Middle East, according to Michael Dyke, CEO of New Murabba Development Company, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund. South Korea is emerging as a key partner for the New Murabba project, leveraging its advanced technology and strong cultural ties to Saudi Arabia. 'Korea's advantage is that it already has a history and track record of operating within the kingdom,' Dyke said in an interview with The Korea Herald on the sidelines of the New Murabba Investment and Partnership Forum held Monday in Seoul. He referred to the economic boom of the 1970s and 1980s, when Korean construction companies were instrumental in developing Saudi Arabia's infrastructure. 'The relationships are long and strong, and partnerships with Saudi companies are already well established from within South Korea,' he added. Dyke pointed to three pillars of partnerships with Korea: industrial, technological and real estate. 'One thing I would emphasize is that because of the scale of New Murabba, there will be multiple partnerships required to cover all areas,' he noted. New Murabba, spanning 19 square kilometers in Riyadh, is envisioned as a mega-sized smart city. At its center will be the Mukaab, a 400-meter-tall cuboid skyscraper that will house residences, retail, hospitality, cultural and leisure facilities under a single dome. Set to be the largest structure by volume, the Mukaab will be spacious enough to fit 20 Empire State Buildings. Construction is already underway, with completion targeted for 2030. 'We're in the capital city of Riyadh, and New Murabba will become the downtown of the capital city of the Middle East. The Mukaab, where we will have the high-tech core, will be the beating heart of this downtown,' Dyke said. Regarding the integration of Korean culture into the project, Dyke responded with enthusiasm. 'The simple answer is yes. With 100 million annual visits projected for the Mukaab, and 35 percent of those being international visitors, we need familiarity in food, retail and entertainment,' he quipped. He highlighted that his interest in Seoul is rooted in how it 'pushes the boundaries of technology and redefines how entertainment and food and beverage experiences are created.' In the years ahead, as Saudi Arabia prepares to host Expo 2030 and the FIFA World Cup in 2034, Dyke is confident that New Murabba will be ready to welcome millions of visitors with its state-of-the-art stadiums and integrated transit connectivity. 'So we are designing our city to be smart from the very beginning, and that's where our collaboration with Naver comes in, helping us ensure the city is future-proof for generations to come, not just for the next five, 10 or 20 years.' Despite ongoing tensions in the Middle East, Dyke appeared unconcerned, calling it a fact of life in today's world of constant change. 'Clearly, some things have happened more recently in the Middle East, but I know that much of the region is back to normal,' he said. 'It remains business as usual." On the day of the forum, Naver Cloud signed a memorandum of understanding with New Murabba, becoming the project's first Korean partner. The agreement opens the door to future collaboration in areas such as robotics, autonomous driving and smart city platforms, according to NMDC. 'Mukaab is a very complex ecosystem and requires companies of scale to match its scale,' Dyke said, explaining that Naver's technological prowess and capacity align with their needs. New Murabba plans to explore future collaborations in Seoul through a two-day closed-door forum on Tuesday and Wednesday, where more than 500 participants, including company executives, investors and government officials, engage in discussions on investment and partnership opportunities under Saudi Arabia's Vision 2030. minmin@
Korea Herald
30-06-2025
- Business
- Korea Herald
Saudi developer taps S. Korea as top partner for futuristic project
The head of New Murabba Development Company, the developer behind Saudi Arabia's futuristic urban development project, said Monday that South Korea has been chosen as the company's top partner for its advanced infrastructure and information technology capabilities, as well as its long history of collaboration with the Middle Eastern nation. "There is a long and strong history between the two nations of collaborating," said Michael Dyke, chief executive officer of the company, in an interview with Yonhap News Agency. "Working with countries and people we already know and share good alignment with is always a good start." New Murabba Development Company is set to hold the New Murabba Seoul Forum in Seoul on Tuesday and Wednesday to showcase its vision for building a new downtown in Riyadh. The event is expected to draw 500 participants, including company officials, government representatives and investors. As part of Saudi Arabia's Vision 2030 initiative, the New Murabba project aims to develop more than 25 million square meters of floor area, including residential units, hotels, retail spaces, leisure facilities and community infrastructure. Dyke said the familiarity and history of successful collaboration led the company to choose South Korea as the first Asian stop for its global promotional campaign. He noted the legacy of South Korean construction firms in Saudi Arabia during the economic booms of the 1970s and 1980s, when they contributed to building key infrastructure, such as highways and port facilities, supporting the kingdom's petroleum-based economic growth. As its first partnership in South Korea, the company signed a memorandum of understanding with Naver Cloud Corp., a cloud services affiliate of IT giant Naver Corp., to collaborate on advanced technologies, such as robotics, autonomous driving and smart city platforms, over the next three years. Naver is already active in Saudi Arabia's digital transformation efforts, including the development of digital twin platforms for major cities like Mecca. "We have been in dialogue with a number of South Korean companies," Dyke said, adding that more opportunities will be available for Korean firms to join the megacity project through consortiums and partnerships in other sectors. On the topic of regional geopolitical tensions, Dyke stressed that the situation in the Middle East has stabilized in recent weeks. "We are not seeing any slowdown in terms of interest, economic activity or long-term planning," he said. The first phase of the New Murabba project -- including the construction of the city center and the iconic Mukaab structure -- is scheduled for completion by 2030. The entire city is expected to open by 2040, he added. (Yonhap)
Newsweek
19-05-2025
- Business
- Newsweek
World's Largest Building Construction Site Shares Development Update
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Saudi Arabia has launched a request for companies to form new consortiums for the Mukaab, a cuboid structure that could become the world's largest building. Why It Matters The $50 billion project is being constructed in the New Murabba of Riyadh and is part of the "Saudi Vision 2030" initiative, aiming to diversify the economy beyond oil and position the capital as a major global city. The government's "Vision 2030" initiative includes several other megaprojects, such as Neom, a linear city being built in the country's northern desert What To Know The New Murabba Development Company (NMDC), which manages the Mukaab's construction site, issued a prequalification notice on May 5, with a June 12 deadline, calling for companies to enter consortiums for the building's central structure, which will be approximately 1,312-feet-tall. The NMDC said the contract would cover main works for the Mukaab, which will cover the central spire that the rest of the cube is built around. The final building will be perfectly symmetrical in height, depth and width. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. NMDC This means that the Mukaab will be the largest building in the world by volume once completed, with over 60 million square meters of space inside. That's enough to house 20 Empire State Buildings. For comparison, the current largest building in the world by volume, the Boeing Everett Factory in Washington state, is just 13 million square meters large. The area inside the Mukaab will feature a museum, a technology and design university, multiple theaters, and more than 80 other entertainment and cultural venues, according to the building's official promotional site. Officials also want the first phase of construction to include around 8,000 homes, enough for 35,000 people. What People Are Saying The New Murabba Development Company (NMDC) said in a statement on the Mukaab's website: "Spanning 2 million square meters of floor space, The Mukaab redefines luxury with its immersive shopping, dining, and cultural offerings. It's a hub of connectivity, accessible via major roads, embodying innovation. "Here, the New Murabba Public Art program transforms the space into an immersive, technologically advanced destination, blending the virtual with the real for a unique experience." Michael Dyke, chief executive officer of NMDC, said that the cube structure symbolizes "the next chapter" for Riyadh, making it an "iconic symbol of Saudi ingenuity" while also creating 334,000 new jobs. "Ultimately, a capital city the size of Riyadh deserves to have a global, central icon as other capital cities do," he told Bloomberg in an interview last year. The construction site of the Mukaab, managed by the New Murabba Development Company. The construction site of the Mukaab, managed by the New Murabba Development Company. NMDC What Happens Next Official timelines for the Mukaab say that overall completion is being targeted for 2030, but like many other "Vision 2030" projects, the schedule is in doubt, as construction has been slow to take off.
