Saudi Arabia’s Tourism Development Fund (TDF) has recently signed a memorandum of understanding (MoU) with New Murabba Development Company (NMDC) aimed at spearheading the task of reshaping Riyadh. The agreement will see the two entities work closely together to create New Murabba, the world’s largest modern downtown. This development marks a significant stride towards realizing the ambitious goals of Vision 2030 and the National Tourism Strategy.
Vision 2030: Catalyst for innovation
The partnership underscores a shared commitment to harnessing Riyadh’s potential as a global investment hub. With a vision to create the most advanced downtown experience in the world, the alliance marks a pivotal milestone in achieving the goals of Vision 2030.
NMDC and the Tourism Development Fund aim to set new standards in urban development. They aim to create a dynamic urban environment where people live, work, and play, bolstering Saudi Arabia’s tourism. Moreover, they seek to make Riyadh a go-to tourism and hospitality hotspot through a thriving technology ecosystem. In addition, they aim to create an enabling business environment and a diverse and welcoming society.
Empowering Riyadh’s evolution
The Tourism Development Fund will leverage its extensive network and resources to provide direct financing opportunities. Moreover, it aims to amplify NMDC’s capacity to execute its ambitious vision for New Murabba. By fostering collaboration between the public and private sectors, the partnership seeks to catalyze economic growth. Moreover, it aims to enhance the Kingdom’s appeal as a premier destination for tourism, hospitality and investment.
The agreement between NMDC and the Tourism Development Fund will unlock New Murabba’s immense potential, placing Riyadh at the forefront of global destinations. It reiterates Saudi Arabia’s commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.
Commenting on the agreement, the Tourism Development Fund’s chief executive Qusai bin Abdullah Al-Fakhri stated: “This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”
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Mukaab: Iconic architectural marvel
At the heart of New Murabba lies the Mukaab, an architectural masterpiece that embodies modernity and Saudi Arabia’s cultural heritage. With a design inspired by the Najdi style, the Mukaab will serve as a focal point for hospitality, retail, cultural, and recreational activities.
“Our goal is to make New Murabba a truly exceptional place to live, work, play and visit,” stated NMDC’s CEO Michael Dyke. “The Mukaab — a new architectural wonder — will, of course, serve as the centerpiece of New Murabba, redefining Riyadh’s skyline from the outside,” Dyke added.
Tourism Development Fund’s role
Aligned with Vision 2030, the Tourism Development Fund plays a pivotal role in enhancing tourism investments in Saudi Arabia. It offers tailored financing solutions and fosters collaboration with private sector entities. Moreover, it aims to position the Kingdom as a global tourism powerhouse, enriching the lives of citizens and visitors alike.
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