Saudi Crown Prince Mohammed bin Salman Al Saud announced the launch of the New Square Development Company to develop the world’s largest modern downtown in the city of Riyadh, in line with the goals of Saudi Vision 2030.

The project 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 kilometres and a floor area of more than 25 million square meters, with a capacity to accommodate hundreds of thousands of residents. As the project will provide 104 thousand housing units and 9 thousand hospitality units. Furthermore, commercial spaces extend to more than 980 thousand square meters, in addition to 1.4 million square meters of office space, about 620 thousand square meters for entertainment facilities, and about 1.8 million square meters for community facilities.

The new square development company will work on building the “cube” icon to embody a global civilized symbol for the city of Riyadh, which includes the latest innovative technologies and unique features that are the first of its kind. As it will become one of the most considerable landmarks in the world, with a height of 400 meters and a width of 400 meters and a length of 400 meters. The distinctive geometric shape of the cube will contribute to providing the necessary space to accommodate the project’s details and technologies.

The project will support the non-oil domestic product by up to 180 billion riyals and create 334,000 direct and indirect job opportunities. The new square project is expected to be completed in 2030.