Who is the new acting CEO of the New Murabba project?

Sabah Barakat has been appointed as the acting chief executive of the New Murabba project. He also serves as the acting group CEO of the state-backed developer ROSHN Group.

What is the new completion timeline for the New Murabba project?

The New Murabba district, which was initially targeted for completion by 2030, now has an extended timeline, with completion anticipated by 2040.

What is the estimated cost of the New Murabba project?

Real estate consultancy Knight Frank has estimated the total cost of the New Murabba district project at approximately $50 billion.

Why is Saudi Arabia reviewing its mega-projects like New Murabba?

Saudi Arabia is reviewing several large-scale projects, including New Murabba, due to financial pressures from lower-than-expected oil prices and the need to manage government finances under the Public Investment Fund's (PIF) 2026 — 2030 strategy.

What components will the New Murabba district include?

The New Murabba district is planned to be a major urban centre in Riyadh, featuring residential, commercial, tourism, and entertainment components, with the Mukaab skyscraper at its core.

All news

Development·30 August 2026

Saudi Arabia's New Murabba Project Extends Timeline to 2040, Appoints New Acting CEO

Saudi Arabia's ambitious New Murabba megaproject in Riyadh has appointed Sabah Barakat as acting CEO, replacing Michael Dyke, and extended its completion target from 2030 to 2040 amidst a review of Vision 2030 projects.

Riyadh's ambitious New Murabba megaproject, estimated to cost around $50 billion, has undergone a leadership change and a significant timeline adjustment. Sabah Barakat, a senior executive at Saudi Arabia’s Public Investment Fund (PIF) and acting group CEO of ROSHN Group, has been appointed as the acting chief executive, succeeding Michael Dyke.

Project Timeline Extended

The most notable development is the extension of the project's completion target. Originally slated for 2030, the New Murabba district, which centres around the iconic Mukaab skyscraper, is now anticipated to be completed by 2040. This extended timeline signals a shift in Saudi Arabia's approach to its mega-projects under the Vision 2030 economic transformation programme.

Driving Factors for Review

The leadership change and timeline extension come as the Saudi government reviews several large-scale projects. This reassessment is primarily driven by financial pressures stemming from lower-than-expected oil prices and the need to manage government finances. The PIF's 2026 — 2030 strategy reportedly involves scaling back or adjusting several major projects to prioritise financial sustainability and a more phased execution.

Implications for Riyadh's Real Estate Market

New Murabba is designed to establish a major new downtown district in Riyadh, integrating residential, commercial, tourism, and entertainment components. The extended timeline suggests a more measured and sustainable development strategy, moving away from the initial aggressive deadlines. This approach aims to ensure the long-term viability and successful integration of such a significant urban development into the city's fabric.

Frequently asked

Questions, answered

Who is the new acting CEO of the New Murabba project?: Sabah Barakat has been appointed as the acting chief executive of the New Murabba project. He also serves as the acting group CEO of the state-backed developer ROSHN Group.
What is the new completion timeline for the New Murabba project?: The New Murabba district, which was initially targeted for completion by 2030, now has an extended timeline, with completion anticipated by 2040.
What is the estimated cost of the New Murabba project?: Real estate consultancy Knight Frank has estimated the total cost of the New Murabba district project at approximately $50 billion.
Why is Saudi Arabia reviewing its mega-projects like New Murabba?: Saudi Arabia is reviewing several large-scale projects, including New Murabba, due to financial pressures from lower-than-expected oil prices and the need to manage government finances under the Public Investment Fund's (PIF) 2026 — 2030 strategy.
What components will the New Murabba district include?: The New Murabba district is planned to be a major urban centre in Riyadh, featuring residential, commercial, tourism, and entertainment components, with the Mukaab skyscraper at its core.

Reported by

Google News — Gulf Giga-Projects & Masterplans

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This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.

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