Agreement between municipalities and the new square for the development of Riyadh
In a move aimed at enhancing urban integration and supporting sustainable development goals in the Saudi capital, 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 unify efforts to develop urban projects and align policies to improve quality of life, in accordance with approved regulations and guidelines.
The two sides were represented at the signing ceremony by His Excellency the Deputy Minister of Municipalities and Housing, Mr. Ehab bin Ghazi Al-Hashani, and the CEO of Al Murabba Al Jadeed Development Company, Mr. Michael Dyke.
The New Square: Riyadh's Future Destination
This agreement gains its significance from the scale and magnitude of the “New Square” project, launched by His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, to be the world’s largest modern downtown in Riyadh. Spanning over 19 square kilometers, the project includes the iconic “Cube,” which will become a global landmark. The collaboration between the Ministry and the company aims to ensure that the infrastructure and regulatory framework for this massive project meet the highest national and international standards, reflecting the qualitative leap witnessed by the real estate development sector in the Kingdom.
Areas of technical and urban cooperation
The memorandum included detailed provisions for enhancing the urban landscape, with both parties agreeing to collaborate on a study of integrated urban uses for major projects. The agreement encompassed harmonizing afforestation policies to increase green cover, establishing advanced design guidelines for sidewalks and green spaces, and defining architectural identity that aligns with local character.
The memorandum also focused on taking into account traffic safety requirements, benefiting from global best practices in developing city centers and infrastructure projects, exchanging technical expertise in urban design fields, and adopting technical and procedural guidelines for construction and operational projects.
Empowering the real estate sector and modern technologies
In pursuit of innovation, the memorandum stipulated cooperation in qualifying real estate developers and contractors, aiming to enhance the efficiency of real estate development in the region. The agreement also included a crucial clause concerning exploring modern construction technologies and their applicability, as well as supporting initiatives related to real estate technology (PropTech), which will contribute to strengthening sustainability standards and artificial intelligence within the new Al Murabba destination.
Strategic dimensions of the agreement
This step supports Riyadh's strategy to transform the capital into one of the world's top 10 urban economies and accommodate its growing population, which necessitates robust infrastructure and flexible regulations. The memorandum will also contribute to the implementation of community engagement programs and initiatives that benefit residents of the project and surrounding neighborhoods, thus enhancing the quality of life concept, a key component of the Kingdom's Vision 2030.
