New Murabba Replaces CEO Amid Changes Across Saudi Real Estate Investments

Saudi Arabia's New Murabba has replaced its chief executive in a sign of changes across flagship real estate investments in the kingdom. Sabah Barakat, a senior executive within the Public Investment Fund (PIF), has taken on the role of acting CEO.

He replaces Michael Dyke, who has been at the helm since 2024. It is unclear whether Dyke will remain with New Murabba. The PIF directed questions about the management change to New Murabba, which did not respond to requests for comment.

The company's major projects include a colossal cube-shaped skyscraper in Riyadh and several other massive real estate developments. Saudi Arabia has been investing heavily in its economy under the 'Vision 2030' agenda, with a focus on diversifying revenues beyond oil exports.