Seoul: The head of New Murabba Development Company, the driving force behind Saudi Arabia's cutting-edge urban development initiative, announced that South Korea has been appointed as the company's primary partner due to its advanced infrastructure and information technology capabilities, coupled with a longstanding collaborative history with the Middle Eastern nation.
According to Yonhap News Agency, Michael Dyke, CEO of New Murabba Development Company, emphasized the robust historical ties between South Korea and Saudi Arabia, stating, "There is a long and strong history between the two nations of collaborating." He highlighted the benefits of working with familiar partners who share a good alignment, which sets a solid foundation for the project.
The New Murabba Development Company plans to host the New Murabba Seoul Forum in Seoul on Tuesday and Wednesday to present its vision for developing a new downtown area in Riyadh. The event is expected to attract 500 participants, including company officials, government representatives, and investors.
As part of Saudi Arabia's Vision 2030 initiative, the New Murabba project aims to create over 25 million square meters of floor area, encompassing residential units, hotels, retail spaces, leisure facilities, and community infrastructure. Dyke noted that the longstanding history of successful collaboration with South Korean construction firms, dating back to the 1970s and 1980s, influenced the decision to choose South Korea as the initial Asian destination for the global promotional campaign.
The first partnership in South Korea saw the signing of a memorandum of understanding (MOU) with Naver Cloud Corp., a cloud services affiliate of the IT giant Naver Corp. This collaboration aims to leverage advanced technologies such as robotics, autonomous driving, and smart city platforms over the next three years. Naver is already involved in Saudi Arabia's digital transformation initiatives, including the development of digital twin platforms for major cities like Mecca.
Dyke mentioned ongoing dialogues with several South Korean companies, indicating that further opportunities will be available for Korean firms to engage in the megacity project through consortiums and partnerships across various sectors. Addressing regional geopolitical tensions, Dyke assured that recent weeks have seen stabilization in the Middle East, with no observed slowdown in interest, economic activity, or long-term planning.
The first phase of the New Murabba project, including the construction of the city center and the iconic Mukaab structure, is slated for completion by 2030, with the entire city expected to be operational by 2040.