Riyadh: New Murabba Development Company, a PIF establishment, has signed a memorandum of understanding with the King Khalid Foundation to advance sustainable development initiatives across the Kingdom.

According to Saudi Press Agency, the MoU was signed by King Khalid Foundation CEO Princess Nouf bint Muhammad bin Abdullah Al Saud and New Murabba CEO Michael Dyke. The agreement aims to enhance synergies between the private and non-profit sectors by leveraging the King Khalid Foundation’s expertise in sustainability and urban planning.

The partnership will focus on developing innovative solutions for sustainable technologies and green building practices. It will advocate for environmentally responsible initiatives both locally and internationally, while strengthening sustainability capacities within the Kingdom.

Key initiatives outlined in the MoU include launching the first Green Building Hackathon, supporting green opportunity grants in Riyadh, researching sustainable urban development practices, and implementing programs centered on social entrepreneurship and innovation.