Barakat Named Acting CEO of New Murabba

Sabah Barakat, a veteran of the Public Investment Fund, has been appointed acting chief executive officer of New Murabba Development Company, the entity behind one of Riyadh's largest urban giga-projects. Barakat replaces former chief executive Michael Dyke as the development moves through its early construction phases in north-western Riyadh.

New Murabba is a PIF-owned project with an estimated total development cost of around USD 50 billion. Its overall completion horizon has been revised to about 2040, moving away from the previously signaled 2030 target, as the project adopts a more staggered investment and delivery schedule following a feasibility review earlier this year.

The centerpiece of the downtown district is the Mukaab, planned as a 400 m by 400 m cubic structure offering roughly 2 million square meters of floor area. As of early 2026, groundworks, excavation, soil improvement and initial infrastructure are underway, including utility tunnels and foundation work for peripheral residential and commercial towers. Vertical construction of the Mukaab superstructure has not started.

Excavation at the Mukaab site reached about 86% completion, with more than 10 million cubic meters of soil relocated and piling substantially advanced. In January 2026, work on the cube beyond soil excavation and piling was suspended pending a financing and feasibility reassessment, while broader New Murabba infrastructure and surrounding real estate development continue.

Current planning points to first residential deliveries roughly between 2029 and 2031, with the Mukaab's structural completion targeted in the mid- to late-2030s and full operational status by around 2038 to 2040, subject to ongoing review. The site is planned to be connected to an extension of the Riyadh Metro, with detailed engineering under way and construction of the extension expected to begin around late 2026 or early 2027.

For Riyadh residents, the phased approach and metro link signal how a major new district will gradually reshape the north-western part of the capital over the coming years.

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