The Saudi Crown Prince, Prime Minister, and Chairman of the Board of Directors of the New Square Development Company, HRH Prince Mohammed bin Salman, announced today the project of the New Square Development Company, with the aim of developing the world’s largest modern downtown in the city of Riyadh, in line with the goals of Saudi Vision 2030.
The new square project, according to the Saudi Press Agency, will depend in its designs on applying sustainability standards and raising the quality of life, including green spaces, providing walking paths, and promoting health and sports concepts and community activities.
The project also includes an innovative museum, a university specializing in technology and design, an integrated multi-use theatre, and more than 80 live performances and entertainment areas.
The project is located at the intersection of King Salman and King Khalid Roads, northwest of Riyadh, on an area of more than 19 square kilometers, with a floor area of more than 25 million square meters, and a capacity for hundreds of thousands of residents.
The project will provide 104,000 housing units, 9,000 hospitality units, and commercial spaces extending to more than 980,000 square meters, in addition to 1.4 million square meters of office space. It will also provide 20,000 square meters for entertainment facilities and about 1.8 million square meters for communal facilities.
The New Square Development Company will build the “cube” icon to embody a global civilized symbol for the city of Riyadh, featuring the latest innovative technologies and unique features that are the first of their kind.
It will become one of the largest landmarks in the world, with a height of 400 meters, a width of 400 meters, and a length of 400 meters. The distinctive geometric shape of the cube contributes to providing the necessary space to accommodate the project’s details and technologies.
The external façade of the cube will be inspired by the modern Najd character in its design, and will constitute a creative technical display board, while the interior of the cube will provide an exceptional experience through digital and virtual technologies, and the latest holographic imaging technologies, in addition to a tower that will be designed in a distinctive and unique way.
The cube will include a floor area of more than (two million) square meters to be a hospitality destination, containing many brands, cultural landmarks, and points of attraction for guests and visitors, as well as hotel and residential units, business office spaces, and entertainment facilities.
The launch of the New Square Development Company comes in line with the Public Investment Fund’s strategy aimed at unlocking the potential of promising sectors, enabling the private sector and increasing the volume of local content, contributing to the development of real estate projects and local infrastructure projects, and diversifying the sources of income of the local economy.
The project will also contribute to supporting the non-oil domestic product by up to 180 billion riyals, and creating 334,000 direct and indirect job opportunities. The new square project is expected to be completed in 2030.