New Murabba Appoints Sabah Barakat as Acting CEO

RIYADH, SAUDI ARABIA: New Murabba, the Public Investment Fund-backed developer behind one of Riyadh’s largest planned urban developments, has appointed Sabah Barakat as acting chief executive as Saudi Arabia continues to reassess priorities across several of its flagship real estate investments.

Barakat is listed as acting CEO on New Murabba’s website and was identified in the role in a company statement issued this week regarding an investment partnership.

He succeeds Michael Dyke, the British executive who had led the developer since 2024. It remains unclear whether Dyke will continue to hold another position within New Murabba.

Barakat is a senior executive within Saudi Arabia’s Public Investment Fund and also serves as acting group CEO of ROSHN Group, another PIF-backed real estate developer.

The management change comes as Saudi Arabia adjusts the scope and timing of several major projects associated with Vision 2030, the kingdom’s long-term economic diversification programme.

New Murabba is responsible for a major new downtown district planned for Riyadh, with the Mukaab, a vast cube-shaped structure, positioned as the centrepiece of the development.

Real estate consultancy Knight Frank has estimated the overall cost of the New Murabba development at approximately USD 50 billion.

The project was initially expected to be completed by 2030. Its current development timeline, however, extends to 2040.

The leadership transition follows earlier reports that New Murabba had encountered challenges as Saudi Arabia reviewed spending commitments across some of its largest development programmes.

Under Vision 2030, Saudi Arabia has committed substantial capital to reducing its dependence on hydrocarbon revenues and expanding sectors including tourism, technology, infrastructure and real estate. The Public Investment Fund has played a central role in that strategy, backing large-scale developments intended to support economic diversification and attract international investment.

More recently, weaker-than-anticipated oil prices and pressure on government revenues have prompted greater scrutiny of spending across the kingdom’s development pipeline.

Several projects have subsequently been resized, delayed or reassessed as part of PIF’s 2026-2030 strategy, released in April, reflecting a broader shift toward prioritising investments and aligning project delivery with available capital.

The PIF referred questions regarding the leadership change and New Murabba development to the company. New Murabba had not responded to requests for comment, while Dyke could not be reached for comment.