Leadership changes have officially taken place at the New Murabba project in Riyadh, Saudi Arabia, which centers around the construction of the colossal cube-shaped 'Mukaab' structure. Sabah Barakat has reportedly been appointed as the acting chief executive officer. This major management shift comes amid persistent reports that the funding, financial viability, and overall implementation prospects of the multi-billion-dollar mega-project are currently undergoing a comprehensive re-evaluation.
News regarding the restructuring at the top first surfaced in late August through reports by the Financial Times. The company's official website now lists Barakat as the primary executive in charge. He succeeds Michael Dyke, who had managed New Murabba since January 2024. According to corporate disclosures, Barakat brings over 35 years of purported experience in real estate development and large-scale urban planning.
The newly appointed executive holds a managerial position within Saudi Arabia's Public Investment Fund and previously served as the interim head of ROSHN, having also overseen New Murabba during its nascent establishment phase. Nevertheless, industry observers remain skeptical regarding the initiative's actual delivery timeline, especially given previous intelligence indicating a slowdown in active construction beyond basic groundwork.
Back in January, industry sources allegedly revealed that work on the 'Mukaab' had been largely stalled, limited primarily to initial excavation and piling activities. Although the company claimed in May that nearly 15 million cubic meters of earth had been excavated alongside the installation of 1,200 piles, these milestones strictly pertain to foundation preparations and offer no clarity on when the above-ground superstructure will actually commence.
Despite these underlying uncertainties, current promotional materials continue to portray the 'Mukaab' as a towering 400-meter architectural marvel designed to house extensive retail, hospitality, and residential zones. In one of its first practical agreements under the new leadership, New Murabba partnered with the Almana Medical Group to allegedly invest around 1 billion Saudi riyals in a 200-bed general hospital within the development area.
Source: kun.uz