(Yonhap Interview) Saudi developer taps S. Korea as top partner for futuristic project

By Kim Boram SEOUL, June 30 (Yonhap) -- The head of New Murabba Development Company, the developer behind Saudi Arabia's futuristic urban development project, said Monday that South Korea has been chosen as the company's top partner for its advanced infrastructure and information technology (IT) capabilities, as well as its long history of collaboration with the Middle Eastern nation. "There is a long and strong history between the two nations of collaborating," said Michael Dyke, chief executive officer (CEO) of the company, in an interview with Yonhap News Agency. "Working with countries and people we already know and share good alignment with is always a good start." Michael Dyke, chief executive officer (CEO) of New Murabba Development Company speaks during a media event to promote Saudi Ariabia's urban development project in Seoul on June 30, 2025. (Yonhap) New Murabba Development Company is set to hold the New Murabba Seoul Forum in Seoul on Tuesday and Wednesday to showcase its vision for building a new downtown in Riyadh. The event is expected to draw 500 participants, including company officials, government representatives and investors. As part of Saudi Arabia's Vision 2030 initiative, the New Murabba project aims to develop more than 25 million square meters of floor area, including residential units, hotels, retail spaces, leisure facilities and community infrastructure. Michael Dyke (L), chief executive officer (CEO) of New Murabba Development Company, and Kim Yu-won, CEO of Naver Cloud Corp., sign a memorandum of understanding (MOU) at a media event in Seoul on June 30, 2025, in this photo provided by Naver Corp. (PHOTO NOT FOR SALE) (Yonhap) Dyke said the familiarity and history of successful collaboration led the company to choose South Korea as the first Asian stop for its global promotional campaign. He noted the legacy of South Korean construction firms in Saudi Arabia during the economic booms of the 1970s and 1980s, when they contributed to building key infrastructure, such as highways and port facilities, supporting the kingdom's petroleum-based economic growth. As its first partnership in South Korea, the company signed a memorandum of understanding (MOU) with Naver Cloud Corp., a cloud services affiliate of IT giant Naver Corp., to collaborate on advanced technologies, such as robotics, autonomous driving and smart city platforms, over the next three years. Naver is already active in Saudi Arabia's digital transformation efforts, including the development of digital twin platforms for major cities like Mecca. "We have been in dialogue with a number of South Korean companies," Dyke said, adding that more opportunities will be available for Korean firms to join the megacity project through consortiums and partnerships in other sectors. On the topic of regional geopolitical tensions, Dyke stressed that the situation in the Middle East has stabilized in recent weeks. "We are not seeing any slowdown in terms of interest, economic activity or long-term planning," he said. The first phase of the New Murabba project -- including the construction of the city center and the iconic Mukaab structure -- is scheduled for completion by 2030. The entire city is expected to open by 2040, he added. This image provided by New Murabba Development Company shows an aerial view of New Murabba in Riyadh, Saudi Arabia. (PHOTO NOT FOR SALE) (Yonhap) brk@yna.co.kr(END)