[2] Announced in November 2021 by the MiSK Foundation,[3][4][5][6] it is named after Saudi crown prince Mohammed bin Salman and is slated to be the world's first 'non-profit city'.

[8][9] In June 2022, an Australian architectural firm, Conrad Gargett, was awarded the contract to design the new headquarters for MiSK Foundation that will be located in the area.

[10] In July 2022, Prince Mohammed Bin Salman Nonprofit City announced the establishment of al-Mishraq commercial residential central zone.

[13] On 20 May 2023, Sara bint Mashour, MBS's wife, officially launched Ilmi technology and science centre.

The announcement was made during the World Economic Forum special meeting held in Riyadh, Saudi Arabia.