Saudi Crown Prince Mohammed bin Salman on Thursday launched a company to carry out a hugely ambitious development in downtown Riyadh, as part of the leading oil exporter’s plans to make its capital a global metropolis and diversify the economy.
The kingdom aims to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan to modernise the Gulf Arab state and reduce its dependence on oil export revenues.
State news agency SPA said the New Murabba Development Company’s project would include a museum, a technology and design university, a multi-purpose immersive theatre and more than 80 cultural and entertainment venues.
With a completion date of 2030 – in time for Expo 2030, which Saudi Arabia has bid to host – the development will spread over an area of 19 square kilometres to the northwest of Riyadh and provide accommodation for hundreds of thousands of residents.
The SPA said it all fell under the Saudi sovereign Public Investment Fund’s (PIF) plans to empower the private sector, support real estate projects and local infrastructure, and diversify the economy’s sources of income.
This report’s information was first seen on ZAWYA; to read more, click this link.
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