A new leader has arrived at the giant 400-meter cube project in Saudi Arabia
In the Saudi Arabian capital of Riyadh, the leadership of the New Murabba project, which encompasses the giant cube-shaped "Mukaab" building, has changed. Sabah Barakat has been appointed as acting Chief Executive Officer. The change comes amid reports that the megaproject's funding and feasibility are being reassessed.
A new leader has been appointed to Saudi Arabia's giant 400-meter cube project
The Financial Times reported on the leadership change in late August. Barakat is now also listed as the head on the company's official website.
He replaced Michael Dyke, who had been leading New Murabba since January 2024. According to the company, Barakat has over 35 years of experience in real estate and major urban planning projects.
He holds an executive position at Saudi Arabia's Public Investment Fund and previously served as the interim head of ROSHN. He also led New Murabba during its inception stage.
In January, Reuters, citing sources, wrote that work on the "Mukaab" had been paused, except for excavation and piling. According to the agency, the government was assessing the project's financing and feasibility, while development of the surrounding area was expected to continue.
In May, the company announced that nearly 15 million cubic meters of earth had been excavated and 1,200 piles installed. These results pertain to foundation preparation work. They do not specify when the above-ground part of the building will be constructed or when the complex will open.
In New Murabba's current presentation, the "Mukaab" is still depicted as a giant 400-meter architectural structure. It is planned to house retail space, hotels, residences, panoramic observation points, and cultural facilities. The images being distributed are not photographs of a completed building, but computer-generated renderings of the future complex.
One of the practical agreements in the new phase of the project was a partnership with Almana Medical Group. According to an announcement on August 25, an investment of approximately 1 billion Saudi riyals is planned for a general hospital in the New Murabba area.
More than 16,000 square meters of land near Prince Turki Ibn Abdulaziz Al Awwal Road is expected to be allocated for the medical facility.
The hospital is designed for 200 beds. It is expected to provide services in emergency medical care, traumatology, family medicine, pediatrics, neonatology, orthopedics, cardiology, and neurology.
"This investment partnership is the first of many agreements we plan to announce in the coming months," Sabah Barakat said.