Sabah Barakat Named Acting CEO of New Murabba

The New Murabba Development Company in Riyadh has appointed Eng. Sabah Barakat as its Acting Chief Executive Officer, succeeding former CEO Michael Dyke in 2026. Barakat is a senior executive at the Public Investment Fund (PIF) and one of the project's founding executives, bringing more than 35 years of experience in large-scale real estate development, urban transformation, and strategic investment.

New Murabba is a PIF-backed mixed-use urban development in Riyadh that includes the planned Mukaab structure, with an indicative overall value of around SAR 187.5 billion (about USD 50 billion). Barakat also serves as Acting Group Chief Executive Officer of ROSHN Group, another PIF-backed Saudi real estate developer.

The appointment comes as the project's plans, timelines, financing, and expected economic returns are being reassessed, part of a broader review of major real estate and infrastructure projects and a shift toward more disciplined investment and measurable returns. Work on the Mukaab component has been paused while financing and feasibility are reviewed, and the overall completion horizon has been extended from 2030 toward around 2040 in current planning scenarios.

Why it matters

Earlier official projections set a target of about 104,000 residential units in the district, an intended contribution of around SAR 180 billion to the national economy, and the creation of more than 300,000 direct and indirect jobs by 2030 before the timeline change. To bring in private capital, the company has launched land-sale tenders and joint-venture opportunities, including requests for proposals for land plots and mixed-use joint development.

As of 2026, there is no published schedule of fixed fees for residents or visitors tied specifically to New Murabba or Mukaab, and no unique official processes for individuals on government platforms linked to the project. Current interactions center on investment partnerships, land tenders, and developer contracts handled through the New Murabba Development Company.

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