Groundwork begins on Riyadh’s Mukaab

NMDC

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.

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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.