Companies
New Murabba Development Company
Saudi Arabia · Real estate development · State-owned · Founded 2022 · Riyadh
New Murabba Development Company is a subsidiary of the Public Investment Fund, according to the PIF portfolio page, which says it was established in 2022, that its board is chaired by Crown Prince Mohammed bin Salman, and that it aims to develop the world's largest modern downtown in Riyadh, with The Mukaab as its central landmark. PIF's launch release of 16 February 2023 described a 19 square kilometre site in northwest Riyadh with more than 104,000 residential units and 9,000 hotel rooms, completion in 2030, an expected SAR 180 billion addition to non-oil GDP and 334,000 direct and indirect jobs. Those are targets stated at launch, not results. The company's executive management page lists Sabah Barakat as acting chief executive. The company does not publish audited financial statements that INXEN has found.
Key facts
No verified figure held yet.
Ownership and relationships
- Chairman of the Board:H.R.H. Prince Mohammed bin Salman bin Abdulaziz Al SaudPublic Investment Fund — portfolio page, New Murabba · read on 23 Oct 2026 ↗
- parent:Public Investment FundPublic Investment Fund — portfolio page, New Murabba · read on 23 Oct 2026 ↗
- Acting Chief Executive Officer:Eng. Sabah BarakatNew Murabba — website, executive management page · read on 23 Oct 2026 ↗
Key people
- Eng. Sabah Barakat · Acting Chief Executive Officer, New Murabba Development Company