Saudi Arabia names Sabah Berikat as interim CEO of Develop the New Square
Saudi Arabia appoints Sabah Barakat as Acting CEO of "Tuwairaq al-Murqab" Company, replacing Michael Dike. The project aims to develop a new urban center in Riyadh that includes residential, commercial, cultural, and entertainment facilities over an area of more than two million square meters, with an expected capacity of over 280,000 people upon completion in 2040. This appointment comes as part of the restructuring of the Public Investment Fund’s portfolio, which manages assets nearing one trillion dollars, to support returns and investment efficiency, amid reports of delays, cost overruns, and halted progress on the project.
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