SEOUL, SOUTH KOREA: New Murabba, a Saudi Arabian Public Investment Fund (PIF) company, has signed a Memorandum of Understanding with South Korean tech giant, NAVER Cloud Corporation, for its 14 sq km mixed-use urban destination development currently under construction in Riyadh, KSA.
The agreement was signed by New Murabba CEO Michael Dyke, during the company’s Investment and Partnership Forum, taking place this week in Seoul, South Korea.
The three-year agreement covers exploring innovative technology and automation to support the delivery of New Murabba, including robotics, autonomous vehicles, a smart city platform, and digital solutions for monitoring construction progress.
Speaking in Seoul, New Murabba CEO Michael Dyke, said: “New Murabba is playing a key role in turning KSA’s Vision 2030 into a reality by helping to shape the future of Riyadh’s real estate landscape. We are transforming Riyadh into a global hub for innovation and investment while setting new benchmarks for urban design and living. Our partnership with NAVER Cloud Corp reinforces our commitment to collaborating with international investors and businesses who share our vision for New Murabba – and want to be part of Saudi Arabia’s transformational future.”
Kim Yu-won, CEO of NAVER Cloud Corp, said: “It is highly meaningful that our diverse innovative technologies will be introduced and actively applied in New Murabba, which is set to become the benchmark and core infrastructure of a new future city. As a technology partner contributing to Saudi Arabia’s future innovation, we will strive to create practical and innovative results.”
New Murabba’s senior leadership team is in Seoul to build strategic relationships, explore technological offerings, assess financing options, and showcase many investment opportunities in transformational development, a key element of Vision 2030.
The two-day, invitation-only forum includes deep-dive presentations on Vision 2030, New Murabba’s master plan, investment and partnership opportunities, and discussions around tech and innovation. It is complemented by an exhibition including scale models and virtual reality features that showcase the development.
More than 500 delegates are attending the event, including investors, developers, government officials, suppliers, construction firms, service providers, technology companies, and smart city solution providers.
New Murabba also has partnerships with foreign entities such as AtkinsRealis, China Harbour Engineering Company, US-based Bechtel, STC Group in the Middle East, and key organizations in KSA, including the Tourism Development Fund and King Khalid Foundation.
Set to create more than 300,000 new jobs, New Murabba integrates sustainable design, innovative infrastructure, and a future-ready lifestyle. At the heart of the project is the iconic, technological and cultural wonder, The Mukaab, a premium mixed-use destination with retail, cultural, tourism, hospitality, residential, commercial and recreational components.
More than 14 million cubic meters of excavation, equivalent to the size of 5,400 Olympic swimming pools, have been completed for The Mukaab.
Once complete New Murabba will have more than 100,000 residential units, over 10,000 hotel room keys, schools, hospitals, and healthcare facilities. It will also have a host of sports and entertainment venues, including the iconic New Murabba stadium, which will accommodate 45,000 spectators, including football fans heading to Saudi Arabia for the FIFA 2034 World Cup.
Michael Dyke added: “Riyadh is evolving into a world-class metropolis. New Murabba is at the forefront of this transformation, and key to the success of upcoming global events in KSA, including Riyadh Expo 2030 and the FIFA 2034 World Cup. We look forward to building new, meaningful partnerships here in Seoul today, and in the future.”