Riyadh, Feb 17 (IANS): Saudi Arabian Crown Prince Mohammed bin Salman Al Saud has announced the launch of the New Murabba Development Company to develop the world's largest modern downtown in the capital of Riyadh.

The downtown will be completed in 2030 and is expected to generate 180 billion Saudi Riyals ($48.6 billion) to non-oil GDP, Xinhua news agency reported, citing a Saudi Press Agency report. The project is also expected to create 334,000 direct and indirect jobs.

The project will cover an area of 19 square km to accommodate hundreds of thousands of residents. It will feature an iconic museum, a technology and design university, an immersive multipurpose theater, and more than 80 entertainment and culture venues.

The establishment of the New Murabba Development Company is one project of the Public Investment Fund, Saudi Arabia's sovereign wealth fund, to unlock the capabilities of promising sectors, and diversify sources of income for the oil-dependent Saudi economy.