Saudi Arabia introduces radical changes in one of its most emblematic projects in Riyadh
El consejero delegado británico ha sido sustituido tras la revisión de las empresas en cartera del fondo soberano. Leer
Michael Dyke, the British CEO of New Murabba, a major real estate project in Riyadh, has been replaced by Sabah Barakat, a veteran of Saudi Arabia's Public Investment Fund (PIF). The move is part of a broader restructuring of the PIF's portfolio of over 100 companies and projects, which have been reviewed amid pressure to generate returns after a decade of massive spending.
New Murabba, valued at over $50 billion, aims to develop a modern urban center in Riyadh, featuring a 400x400 meter cubic structure called "Mukaab". The PIF has been reducing its reliance on foreign executives and scaling back or delaying some of its ambitious projects, including Neom.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
