Saudi Arabia: Saudi-based Misk Foundation has appointed Eng. Sami bin Jasser Al Jasser, a strategic development expert, as the new Chief Executive Officer of its mega Mohammed bin Salman Nonprofit City (Misk City) - a first-of-its-kind project coming up on a 3.4-sq-km area in capital Riyadh.

Driven by the Misk Foundation, the kingdom's ambitious project is being built at a total investment of SAR20.4 billion ($5.4 billion).

The world’s first nonprofit city was launched by His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister of the Kingdom of Saudi Arabia and Founder and Chairman of the Board of Misk Foundation. Freyssinet Saudi Arabia, a leading contractor, is the construction partner for the project.

Work is in full swing on the project with the basement of Misk City's first hotel already completed and Misk Art's studio building topped out.

Work on Misk Foundation's headquarters is progressing well, while work on a multi-deck parking station and one of its schools is at an advanced stage.

Once fully completed, the Misk City will boast some 99,000 sq m of retail and leisure space alongside 300,000 sq m of office space and 6,500 new residential units alongside extensive cultural, educational, and sporting facilities.