InterviewNew Murabba CEO confident in Korean firms’ role in Riyadh megaproject

Michael Dyke, CEO of New Murabba Development Company, speaks during an interview with The Korea Times in Seoul, Monday. Courtesy of New Murabba Development Company

New Murabba Development Company CEO Michael Dyke is expressing confidence in the technological capabilities of Korean firms as the company advances its ambitious task of building a new downtown area in Riyadh from scratch, a project characterized as “beyond anyone’s imagination."

The New Murabba project, part of Saudi Arabia’s Vision 2030, is a transformative megaproject led by the company under the direction of Crown Prince Mohammed bin Salman.

The 14-square-kilometer smart city, anchored by the Mukaab — a massive cube-shaped structure that dominates the site — is designed as the pinnacle of a futuristic city, excelling in everything from public transportation and telecommunications to water treatment, entertainment and environmental sustainability.

Dyke, trusting in the 60 years of diplomatic history between Saudi Arabia and Korea, which has evolved into deep industrial partnerships, visited Seoul earlier this week to promote the project and attract Korean companies.

For him, it feels natural to partner with Korean companies since they have already executed major projects across the Middle East.

“When we think about where we want to come first, Korea was the right place because of the two countries’ long, strong relationship. Just nine months ago, the Municipality of Riyadh signed a cooperation agreement with the Seoul Metropolitan Government, and Naver is already operating in other cities in Saudi Arabia,” Dyke said during an interview Monday with The Korea Times.

Earlier that day, the CEO signed a memorandum of understanding with Naver Cloud to bring the Korean tech company into the project, including robotic engineering, autonomous vehicles, digital monitoring of construction status and other smart city digital solutions.

The Mukaab, a cube-shaped structure housing an artificial intelligence-powered digital metropolis, stands at the center of New Murabba in Riyadh, Saudi Arabia. Courtesy of New Murabba Development Company

Dyke said Seoul was a good model for New Murabba. During the interview at Some Sevit, a floating convention center on the Han River in the middle of the Korean capital, he pointed toward the riverside urban landscape with evident admiration.

“We’re very interested in Seoul. As a nation, you are pushing boundaries on technology, how you create entertainment and how you create foods. Our chairman has set a challenge that when you enter the dome (The Mukaab) you must feel like you have transported to another world," he said.

"So, we need to work with cultures and nationalities who have that forward-thinking, who are always pushing boundaries. We are in long conversations with Korean companies and there will be many, many opportunities."

Bilateral trade between the two nations have accumulated to $33.6 billion and over 200 Korean firms have operated in the kingdom under partnerships, according to Dyke.

New Murabba Development Company, wholly owned by the Saudi Public Investment Fund, has received a $70 billion investment from the fund, which is chaired by bin Salman. This investment aligns with Saudi Arabia’s Vision 2030, a strategic plan to diversify the country’s oil-dependent economy and establish it as a global investment powerhouse.

Dyke said the project is progressing on schedule. More than 50 percent of the deep pile foundations beneath the Mukaab and the rest of New Murabba have been completed. After three months of steel and concrete work on top of the piles, construction will begin to rise vertically, he added.

“We’re in advanced stages of conversation with suppliers of infrastructure materials like sewage systems, telecoms, pipes, wires and utilities. I would imagine that by this time next year, we will have the first community completely formed to the north of the Mukaab,” Dyke said.