Municipalities and Housing sign a memorandum of cooperation with the new Riyadh development square
In a strategic move aimed at reshaping the urban landscape of Riyadh in line with the goals of Saudi Vision 2030, the Ministry of Municipalities and Housing signed a memorandum of understanding with New Square Development Company, a subsidiary of the Public Investment Fund. This agreement aims to enhance integration in urban development projects and align efforts to achieve a sustainable quality of life for residents and visitors of the capital.
Details of the agreement and its parties
The signing ceremony took place in the presence of high-ranking officials from both sides. Representing the Ministry of Municipalities and Housing was His Excellency Deputy Minister Mr. Ehab bin Ghazi Al-Hashani, while Mr. Michael Dyke, CEO of Al Murabba Al Jadeed Development Company, represented the company. This step aims to unify standards and regulations between the legislative and regulatory body (the Ministry) and the executive body for one of the world's largest real estate development projects.
Project context and its importance within Vision 2030
This agreement cannot be viewed in isolation from the broader context of the urban development boom underway in the Kingdom. The “New Square” project, launched by His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, is a cornerstone of the plan to develop Riyadh into one of the world’s top 10 urban economies. The project aims to develop the world’s largest modern downtown, spanning over 19 square kilometers, and centered around the iconic “Cube” structure. Therefore, collaboration with the Ministry is essential to ensure the smooth implementation of this massive infrastructure project in accordance with modern urban planning codes.
Areas of cooperation: From planning to implementation
The memorandum included detailed and precise points to ensure the comprehensiveness of the development, most notably:
- Urban integration: A study of land use integration for major projects to ensure harmony between housing, work, and recreation.
- Humanizing cities: Harmonizing afforestation policies, sidewalk design rules and green spaces, in a way that promotes the concept of “humanizing cities” and encourages walking and movement.
- Identity and Safety: Preserving the local architectural identity while taking into account the latest traffic safety requirements.
- Global practices: Transferring and localizing global best practices in urban center development and complex infrastructure projects.
Technology and sustainability: pillars of the future
The memorandum did not overlook the technical aspect, focusing on promoting the use of modern construction methods and supporting real estate technology initiatives known as "PropTech." This approach directly contributes to increasing the efficiency of real estate developers and contractors, and ensures the application of environmental sustainability standards in the new Al Murabba destination.
Expected impact locally and regionally
This collaboration is expected to accelerate the completion of the new square project, enhancing Riyadh's appeal as a regional and international investment and tourism destination. Furthermore, the exchange of technical expertise and the adoption of standardized procedural guidelines will create a model for future real estate development projects in the Kingdom, positively impacting the local economy by generating new job opportunities and improving the quality of services provided to residents.
