Saudi New Murabba Replaces CEO Amid Economic Transformation Plan Shake-Up

Saudi Arabia's New Murabba real estate project has shaken up its leadership. The company, which is part of the Public Investment Fund (PIF), has replaced its chief executive Michael Dyke with Sabah Barakat as acting CEO.

Barakat, a senior executive within the PIF, is also currently serving as the acting group CEO of state-backed developer ROSHN Group. It's unclear if Dyke will remain at New Murabba.

New Murabba is working on several massive projects in Riyadh, including a colossal cube-shaped skyscraper. The company's major project, the New Murabba district, was estimated to cost around $50 billion and was initially planned for completion by 2030, but it has now been pushed back to 2040.

The shake-up comes as Saudi Arabia is retooling its economic transformation plan, Vision 2030. The country aims to reduce its reliance on hydrocarbon revenues and invest in new industries like tourism and technology. However, lower-than-anticipated global oil prices and overspending have hit state revenues, forcing the government to scale back some of these projects.