The new downtown area is located at the intersection of King Salman and King Khalid Roads northwest of Riyadh, covering an area of 19 square kilometers (12 miles), to accommodate hundreds of thousands of residents.
A real estate development company backed by the Saudi Public Investment Fund has partnered with the Kingdom’s Tourism Development Fund to create “the largest city center in the world” in Riyadh.
The Saudi News Agency reported that the “New Square Development Company” will work with the Tourism Fund to create the new square, which is a model for future urban programs to develop the city of Riyadh, as the new square project was announced last February.
Under the agreement, it will provide box Direct financing opportunities through its network of investors and financial partners.
The project is expected to be completed by 2030, in line with the Vision 2030 agenda to diversify the Saudi economy away from its dependence on oil. The city center project will be built “around the concept of sustainability” and will include green areas.
The Saudi Press Agency said that the project is expected to add 180 billion Saudi riyals ($48 billion) to the Kingdom’s non-oil economic output and create 334,000 job opportunities by 2030.
The city center will also contain a museum, a technology university, an immersive theater and more than 80 entertainment and cultural venues.
The largest city center in the world
The sprawling Cube Tower will form the center of the new development and will serve as a hospitality destination that includes retail, cultural and tourism attractions, along with residential and hotel units, commercial spaces and entertainment facilities.
The new downtown area is located at the intersection of King Salman and King Khalid Roads northwest of Riyadh, covering an area of 19 square kilometers (12 miles), to accommodate hundreds of thousands of residents.
The project is expected to include more than 104,000 residential units, 9,000 hotel rooms, large areas of retail space, in addition to office space, entertainment assets, and areas designated for community facilities.
