Global Restaurant Investment Forum set for Riyadh in boost to hospitality sector 

The Global Restaurant Investment Forum will take place on the sidelines of the Future Hospitality Summit. (File/Supplied)
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Updated 04 April 2023
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Global Restaurant Investment Forum set for Riyadh in boost to hospitality sector 

RIYADH: Restaurant owners in Saudi Arabia will be looking to secure investment from global firms during a special conference set to be held in Riyadh from May 7-9.

The Global Restaurant Investment Forum will take place on the sidelines of the Future Hospitality Summit, and is set to help promote the expansion and development of the sector in the Kingdom. 

High-level industry executives, investors, franchisors, and restaurant owners are set to attend the forum, and will exchange practices, trends, insights, and innovations as the Kingdom steadily evolves as a cultural destination, in line with the goals outlined in Vision 2030. 

Jennifer Pettinger, managing director - Middle East of The Bench and founder of GRIF, said: “It is fascinating to watch the rapid development of the F&B (food and beverage) scene in Saudi Arabia and the enthusiasm of those driving it forward. 

“The focus on developing Saudi-led talent, concepts, and cuisine, as well as showcasing the country's culture and people, is a positive step towards shifting the global narrative around the country.

“It is also interesting to note the desire to incorporate ‘Saudi Hospitality’ even in imported concepts, indicating a commitment to adapting to and evolving the local market. 

“The opportunity in the premium casual and casual dining sector is a promising area for growth, and it will be exciting to see how the restaurant scene in Saudi Arabia continues to evolve in the coming years.”

According to the Kingdom’s Small and Medium Enterprises Authority Monsha’at, Saudi Arabia’s food and beverage sector increased by 6.3 percent in the first half of 2022.  

Saudi Arabia also invested $187 million in F&B startups in that period, according to research firm MAGNiTT’s Saudi Arabia Venture Capital report. 

A study conducted by Mingora Foodservice Consumer Confidence for Saudi Arabia reveals figures that indicate a strong potential for the Kingdom’s hospitality sector.  

The poll found that 58 percent of respondents anticipate major or marginally better financial situations in the upcoming years. It also showed that respondents are quite optimistic about Saudi’s future in the run-up to 2030, in accordance with the goals of the Kingdom’s Vision 2030. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.