Real Estate

Saudi Arabia’s Public Investment Fund has recently announced a bold new project named the New Murabba project. The project aims to revamp a 19-square-kilometer area to the northwest of Riyadh into a bustling mixed-use district. The highlight of this project is the Mukaab, a modern downtown. Mukaab will become the world’s largest modern downtown, towering at 400 meters tall and 400 meters wide, and would be large enough to accommodate 20 Empire Estate buildings.

The Capital Development Authority (CDA) held a three-day open auction of residential and commercial plots in Islamabad from January 24 to January 26, 2023. The auction was a great success. A large number of investors and competitors participated in the auction. The CDA sold 42 plots for a worth of  Rs 40.956 billion. It is pertinent to mention that this auction generated the highest proceeds among all public auctions held so far.

A memorandum of understanding was signed between the Capital Development Authority and SUPARCO on Wednesday under which SUPARCO will assist CDA in setting up a Geo-Spatial technology wing at CDA. The MOU signing ceremony was held at SUPARCO Headquarters. The MOU was signed by Chairman Capital Development Authority Captain (R) Muhammad Usman Younis and Chairman SUPARCO.