Saudi Arabia has suspended the planned construction of the colossal Mukaab “The Cube” in Riyadh and will reassess the financing and viability of the project.
O competitionin the center of the New Murabba development in Riyadh, is the latest fantasy gigaproject associated with Saudi Arabia’s Vision 2030 to be suspended.
The news was reported that the kingdom’s sovereign wealth fund, worth 925 billion dollars, is wanting to control costs.
After the announcement of several megalomaniac projects (such as oeo) in recent times, the kingdom is now moving away from a high level of spending on futuristic projects that have dominated the crown prince’s Vision 2030 Mohammed bin Salman.
Among the projects currently highlighted are also infrastructures for Expo 2030 and the 2034 Football World Cup.
This repositioning reflects growing budgetary pressures, at a time when Oil prices remain well below necessary levels to finance the ambitious transformation agenda – writes Reuters.
Saudi Arabia’s Economy Minister, Faisal al-Ibrahimtold the same news agency last week, without referring directly to Mukaab, that “I would not avoid saying that they had to adjust projects, postpone them, redefine their scope”.
Last weekend, Saudi Arabia also stated that it would postpone indefinitely the organization of the 2029 Asian Winter Games, scheduled to take place in Trojena.
The Mukaab was planned as a , containing a dome with an AI-powered screen. The structure was touted as large enough to accommodate 20 Empire State Buildings and to include approximately 2 million square feet of interior area, making it the largest single built structure in the world.
