It was announced in February 2023 by Saudi crown prince Mohammed bin Salman as the world's largest modern downtown project.

[6] The New Murabba project was announced on 16 February 2023 by Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman.

Mohammed bin Salman simultaneously unveiled the Mukaab and announced the establishment of the New Murabba Development Company (NDMC), a firm owned by the Public Investment Fund.

[7] It is named after the Riyadh's al-Murabba neighborhood whereas its flagship architectural project, the Mukaab, is modeled after the cuboidal layout of the Murabba Palace.

[8] The project will also include an iconic museum, a technology and design university, a multipurpose immersive theater, and more than 80 entertainment and cultural venues.