Riyadh: New Murabba Company, a Public Investment Fund company, has signed a memorandum of understanding (MoU) with the Ministry of Industry and Mineral Resources to boost local content and empower national supply chains in the implementation of New Murabba's destination projects, a key urban development in Riyadh. The signing event was attended by Vice Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Ibrahim bin Salamah and New Murabba CEO Michael Dyke, as per a press release from New Murabba Company.
According to Saudi Press Agency, the MoU targets launching joint initiatives to strengthen local content in development projects and increase the participation of local suppliers in New Murabba's projects. This collaboration will involve exchanging knowledge and expertise, as well as sharing information and data on local factories based on project needs, while adhering to applicable laws and regulations.
The agreement also covers assessing the readiness of national factories by providing a detailed list of qualified manufacturers. It includes studying and analyzing factors related to product and supplier selection, alongside submitting recommendations to enhance the competitiveness of local products.
The MoU was signed by New Murabba Chief Corporate Services Officer Mamdouh Al-Quraishi and Acting Deputy Minister for Industrial Enablement Eng. Albadr Adel Fouda.
Al-Quraishi emphasized that local industry is integral to New Murabba's mission, noting the project's transition from planning to implementation. He stated that the MoU with the Ministry aims to deepen cooperation with Saudi factories, bolster local content and national supply chains in real estate development, and ensure the project's contribution to the Kingdom's broader economic goals.
The press release further highlighted that the MoU showcases efforts to develop local content and deepen its impact on strategic projects. It aims to strengthen integration, enabling the local industrial sector to play a crucial role in future urban development projects while opening new opportunities for national factories to help build a globally competitive urban destination focused on sustainability and innovation.