Skip to content Skip to Search
Skip navigation

Groundwork begins on Riyadh’s Mukaab

By Pramod Kumar
China Harbour Engineering Company has been awarded the construction contract for Riyadh's Mukaab complex NMDC
China Harbour Engineering Company has been awarded the construction contract for Riyadh's Mukaab complex

Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh.

PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company.

The work is part of the backfilling and ground improvements of the surrounding areas, NMDC said in a social media post.

The award will contribute to developing the “largest modern downtown in the world” in line with Vision 2030.

Saudi Crown Prince Mohammad bin Salman bin Abdulaziz launched redevelopment of downtown Riyadh in February. It is due for completion in 2030.

The Crown Prince will chair NMDC, which will oversee the development.

Situated in the north west of Riyadh and spread over 19 sq km, the development will offer more than 25 million sq m of floor area.

The kingdom has ambitions 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 diversify the economy to wean it off oil export revenues.

Rua Al Madinah Holding, PIF subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms, company CEO Ahmed Al Juhani told AGBI. 

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]