Saudi Arabia names Sabah Barakat acting CEO

Sabah Barkan has been appointed as the Acting CEO of "Tataweer Al-Muraba'a Al-Jadid" (The New Square Development) in Riyadh, a subsidiary of Saudi Arabia's Public Investment Fund, succeeding British national Michael Dike. The New Square is an ambitious urban development project aimed at creating a modern urban center in the heart of Riyadh, featuring multiple-use buildings for residential, commercial, and entertainment purposes, spread over an area of more than two million square meters. It is expected to accommodate over 280,000 people upon completion in 2040. This appointment comes as part of the fund's efforts to reorganize its investments and achieve significant returns. The project is one of the largest urban development initiatives in Saudi Arabia and is currently facing delays in implementation due to rising costs, which could exceed $50 billion.

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