Latest news with #Mukaab
Newsweek
19-05-2025
- Business
- Newsweek
World's Largest Building Construction Site Shares Development Update
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Saudi Arabia has launched a request for companies to form new consortiums for the Mukaab, a cuboid structure that could become the world's largest building. Why It Matters The $50 billion project is being constructed in the New Murabba of Riyadh and is part of the "Saudi Vision 2030" initiative, aiming to diversify the economy beyond oil and position the capital as a major global city. The government's "Vision 2030" initiative includes several other megaprojects, such as Neom, a linear city being built in the country's northern desert What To Know The New Murabba Development Company (NMDC), which manages the Mukaab's construction site, issued a prequalification notice on May 5, with a June 12 deadline, calling for companies to enter consortiums for the building's central structure, which will be approximately 1,312-feet-tall. The NMDC said the contract would cover main works for the Mukaab, which will cover the central spire that the rest of the cube is built around. The final building will be perfectly symmetrical in height, depth and width. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. NMDC This means that the Mukaab will be the largest building in the world by volume once completed, with over 60 million square meters of space inside. That's enough to house 20 Empire State Buildings. For comparison, the current largest building in the world by volume, the Boeing Everett Factory in Washington state, is just 13 million square meters large. The area inside the Mukaab will feature a museum, a technology and design university, multiple theaters, and more than 80 other entertainment and cultural venues, according to the building's official promotional site. Officials also want the first phase of construction to include around 8,000 homes, enough for 35,000 people. What People Are Saying The New Murabba Development Company (NMDC) said in a statement on the Mukaab's website: "Spanning 2 million square meters of floor space, The Mukaab redefines luxury with its immersive shopping, dining, and cultural offerings. It's a hub of connectivity, accessible via major roads, embodying innovation. "Here, the New Murabba Public Art program transforms the space into an immersive, technologically advanced destination, blending the virtual with the real for a unique experience." Michael Dyke, chief executive officer of NMDC, said that the cube structure symbolizes "the next chapter" for Riyadh, making it an "iconic symbol of Saudi ingenuity" while also creating 334,000 new jobs. "Ultimately, a capital city the size of Riyadh deserves to have a global, central icon as other capital cities do," he told Bloomberg in an interview last year. The construction site of the Mukaab, managed by the New Murabba Development Company. The construction site of the Mukaab, managed by the New Murabba Development Company. NMDC What Happens Next Official timelines for the Mukaab say that overall completion is being targeted for 2030, but like many other "Vision 2030" projects, the schedule is in doubt, as construction has been slow to take off.
Business Recorder
15-05-2025
- Business
- Business Recorder
Need for new trade corridors
The strategic direction of United States and Saudi Arabia relations is entering a new phase of profound transformation, driven by mutual economic interests, energy diversification, and geopolitical recalibrations. President Donald Trump's recent visit to the Kingdom of Saudi Arabia marks a new chapter in bilateral cooperation, signaling an intensified push toward joint investments, technology transfer, and large-scale infrastructure collaboration. Trump's visit to Saudi Arabia was planned not only to reaffirm the historical alliance between the two nations, but also to align their visions for the future in areas ranging from autonomous mobility to cultural revitalization. Also, the main purpose was to consolidate strategic economic partnerships and to position American firms and technologies at the heart of Saudi Arabia's ambitious Vision 2030 agenda with expected outcome to redefine trade flows, investment channels, and regional stability. The autonomous vehicle revolution took center stage at the Saudi-US Investment Forum, where Uber CEO Dara Khosrowshahi announced that autonomous vehicles would begin operations in the Kingdom within the current year. The statement reflected Saudi Arabia's emergence as one of Uber's fastest-growing markets, with 140,000 Saudi drivers serving 4 million riders across 20 cities. Deployment of autonomous vehicles aims to reduce transportation costs and improve safety, leveraging 18 global technology partnerships. The commitment to launch these vehicles highlights a critical technological leap, offering a safer and more cost-effective transport model supported by American innovation. Transformation of Diriyah into a globally renowned cultural and heritage site represents another monumental milestone. The US$63.2 billion investment into the 14-square-kilometer Diriyah project will not only preserve the historical birthplace of the First Saudi State but also integrate it into the global tourism circuit. Similarly, Diriyah project displays the tangible fruits of US-Saudi collaboration, which already attracts 3 million visitors and employs 45,000 workers including 83 American companies. Preservation of UNESCO-designated At-Turaif district alongside modern infrastructure demonstrates how historical preservation and economic diversification can coexist. Exposure of the New Murabba project, particularly the Mukaab, highlights Saudi Arabia's ambition to create architectural marvels of global significance. The Mukaab, a cube-shaped megastructure 22 times larger than Las Vegas' MSG Sphere, will incorporate AI, holographic environments, and immersive experiences, transforming Riyadh into a futuristic tourism hub. The building will redefine global architectural standards and attract both tourism and investment, with substantial input from American design and engineering firms. The project further symbolizes how bilateral cooperation can turn visionary concepts into concrete landmarks. The NEOM project remains one of the most expansive undertakings under Vision 2030, spanning 26,500 square kilometers, roughly the size of Massachusetts, NEOM integrates smart city design, renewable energy, and sustainable agriculture. The infrastructure groundwork has been significantly advanced, with 500 kilometers of fiber optic cable laid, operational solar and wind farms, and over 190 kilometers of water pipelines installed. The project's Green Hydrogen initiative, in partnership with US-based Air Products, highlights the dual commitment to environmental stewardship and industrial innovation. NEOM reflects a new economic paradigm where American firms are co-developers in reshaping the region's future. The tourism sector's exponential growth exemplifies the tangible impact of Vision 2030 reforms. The Kingdom is positioning itself as a top five global destination, from 50 million visitors in 2019 to 115 million in 2024, including 30 million international tourists, Saudi Arabia has already exceeded its 2030 tourism target. The goal is to reach 50 million international visitors and raise tourism's GDP share from 5 to 10 percent by 2030. The opening of electronic visas to citizens of 65 countries and the strategic partnership with the US in areas like hospitality, aviation, and entertainment are instrumental to this growth. The tourism sector's workforce share has also risen from 2 to 7 percent, driven by educational exchanges and vocational training collaborations with American institutions. The economic ramifications for both countries are profound. The United States stands to benefit from new investment avenues, export opportunities for high-tech goods and services, and expanded market access in energy, tourism, and infrastructure. Saudi Arabia gains by accelerating its diversification goals, adopting world-class technology, and drawing from American expertise in areas ranging from artificial intelligence to green energy. These initiatives collectively establish a template for 21st-century bilateralism, where mutual growth is anchored in innovation and sustainability. On the other hand, approval of the International Monetary Fund's Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF) marks pivotal moments for Pakistan. The US$ one billion disbursements under EFF, bringing total disbursements to US$ 2billion, reflects international confidence in Pakistan's economic management. IMF's recognition highlights Pakistan's reform momentum, which testifies inflation at its lowest level since 2015, and macroeconomic stability being gradually restored. The RSF's additional US$1.3 billion will further strengthen climate resilience, enhance water use efficiency, and align infrastructure with sustainable development goals. IMF's support outlines a multi-pronged reform approach. A tight monetary policy will ensure that inflation remains within 5-7 percent target range. Fiscal reforms, including amendments to agricultural income tax regimes across provinces, will broaden tax base while enabling more equitable revenue collection. Additionally, energy sector reforms, aimed at cutting inefficiencies and privatizing loss-making units, will reduce circular debt and lower energy tariffs. Similarly, public finance improvements such as the electronic Pakistan Acquisition and Disposal System (e-PADS) promote transparency, while structural reforms boost private sector confidence and productivity. These actions collectively pave the way for long-term macroeconomic resilience. Trade opportunities presented by President Trump during his visit to Saudi Arabia offer Pakistan a parallel growth avenue. American commitment to open new trade corridors to include emerging economies in bilateral and multilateral agreements presents Pakistan with a timely chance to integrate into global supply chains. Leveraging these opportunities through strategic alignment with American firms in clean energy, digital infrastructure, and agriculture could significantly strengthen Pakistan's export base. Alignment with US technology providers and climate-smart infrastructure firms could further support Pakistan's goals under the RSF. The economic blueprint for Pakistan must be reoriented around sustainable development, export-led growth, and institutional transparency. The influx of IMF resources should be targeted at high-yield sectors such as agro-processing, IT services, and renewable energy. Public-private partnerships can help de-risk infrastructure investment, while vocational training aligned with global market needs can unlock youth employment. Collaboration with US institutions, particularly in the context of Saudi-led projects, can provide additional funding, technical expertise, and export demand. Similarly, capitalizing on President Trump's trade initiatives could allow Pakistan to position itself as a strategic manufacturing and services hub in the region. The economic resurgence of Pakistan is contingent upon sustained policy discipline, strategic alliances, and institutional reform. The convergence of IMF support, Vision 2030 partnership opportunities, and President Trump's trade overtures offers a rare window for transformative change. Pakistan's leadership must act decisively to convert these prospects into inclusive, durable, and self-reinforcing growth. The reallocation of public funds toward education, health, and infrastructure will not only ensure long-term stability but also enhance citizen well-being. Adoption of green technologies and integration into global trade systems will provide the bedrock for a resilient, prosperous, and forward-looking Pakistan. (Huzaima Bukhari and Dr Ikramul Haq, lawyers and partners of Huzaima & Ikram, are Adjunct Faculty at Lahore University of Management Sciences (LUMS), members Advisory Board and Visiting Senior Fellows of Pakistan Institute of Development Economics (PIDE) and Abdul Rauf Shakoori is a corporate lawyer. They have coauthored a book, Pakistan Tackling FATF: Challenges and Solutions) Copyright Business Recorder, 2025
Yahoo
03-03-2025
- Business
- Yahoo
Saudi Arabia Construction Report 2024: Output to Grow by an AAGR of 5.2% During 2025-2028, After Recording 4.5%+ Growth in 2024
Dublin, March 03, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)" report has been added to offering. The construction industry in Saudi Arabia was estimated to grow by 4.6% in real terms in 2024, supported by investments in housing and, energy infrastructure projects, coupled with investments to improve infrastructure, in line with the government's goal of conducting the FIFA World Cup 2034. Reflecting the continuous optimism in the construction industry, the total value of construction contracts awarded in the Kingdom surged by 47% YoY in the first half of 2024, to SAR185 billion ($49.3 billion), according to government data released in November 2024. Oil and gas, real estate, and water sectors accounted for most of the contracts awarded during that construction industry is expected to record an annual average growth rate of 5.2% from 2025 to 2028, supported by investments in the transport, electricity, housing, and tourism infrastructure projects and of course the $850 billion-plus giga projects program. Construction commenced on the SAR187.5 billion ($50 billion) Mukaab project in Saudi Arabia, in October 2024. This project, which is expected to become the largest building in the world, will feature two million square feet (ft2) of floor space dedicated to fine dining, retail, offices, and residential units. Among others, the building will house 104,000 residential units and 9,000 hotel rooms. The project is expected to contribute more than SAR191.3 billion ($51 billion) to the non-oil GDP and create approximately 334,000 jobs. The project, which is expected to be completed by 2030, will create 900 construction jobs. In addition to the Mukaab project, other significant developments that will boost the industry's growth over the coming years include the Line project, the NEOM project, the Oxagon floating port city project, and a mountain tourism site called Trojena. As of late November 2024, Saudi Arabia was in talks to develop a massive data center at Oxagon, with an estimated investment of SAR48 billion ($12.8 billion).Scope This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides: Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Saudi Arabia, featuring details of key growth drivers. Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline. Listings of major projects, in addition to details of leading contractors and consultants Reasons to Buy Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies Assess market growth potential at a micro-level with over 600 time-series data forecasts Understand the latest industry and market trends Formulate and validate business strategies using the analyst's critical and actionable insight Assess business risks, including cost, regulatory and competitive pressures Evaluate competitive risk and success factors Key Topics Covered: 1 Executive Summary2 Construction Industry: At-a-Glance3 Context3.1 Economic Performance3.2 Political Environment and Policy3.3 Demographics3.4 Risk Profile4 Construction Outlook4.1 All Construction Outlook Latest news and developments Construction Projects Momentum Index 4.2 Commercial Construction Outlook Project analytics Latest news and developments 4.3 Industrial Construction Outlook Project analytics Latest news and developments 4.4 Infrastructure Construction Outlook Project analytics Latest news and developments 4.5 Energy and Utilities Construction Outlook Project analytics Latest news and developments 4.6 Institutional Construction Outlook Project analytics Latest news and developments 4.7 Residential Construction Outlook Project analytics Latest news and developments 5 Key Industry Participants5.1 Contractors5.2 Consultants6 Construction Market Data7 AppendixFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
