Saudi Arabia has decided to suspend construction of Mukaab, the megaproject known as “The Cube”, in Riyadh, designed to be the largest skyscraper in the world, in a clear sign that the country’s ambitious transformation strategy is being reviewed in light of growing financial and budgetary pressures.
Mukaab, the centerpiece of the New Murabba development, is another of the major projects associated with Vision 2030 that is on pause, joining other futuristic plans that have marked the kingdom’s agenda in recent years. The information was provided by the international news agency Reuters, which reports that the Saudi sovereign wealth fund, valued at around 925 billion dollars, is seeking greater cost control and reassessing priorities.
A brake on the most ambitious projects
After successive announcements of megalomaniac ventures, such as The Line and NEOM, Riyadh is now beginning to move away from a level of expenditure considered difficult to sustain. These projects have become symbols of Vision 2030, the plan launched to diversify the economy and reduce dependence on oil.
This strategy has been strongly associated with Crown Prince Mohammed bin Salman, who promoted a profound transformation of the country, based on innovation, tourism and major infrastructure.
Budgetary pressures in the background
According to the same source, this repositioning comes at a time when oil prices remain below the levels considered necessary to finance, without adjustments, the extensive portfolio of announced projects. Furthermore, the kingdom maintains relevant commitments, such as investments associated with Expo 2030 and the organization of the 2034 Football World Cup.
These financial demands require more cautious management of available resources, leading the Saudi Government to reassess the pace and size of various initiatives.
Government admits adjustments and postponements
Saudi Arabia’s Economy Minister Faisal al-Ibrahim recently admitted to Reuters that the country had to adjust its approach. Without directly mentioning Mukaab, he stated that there was a need to “adjust projects, postpone them and redefine their scope”. This statement reinforced the idea that Vision 2030 is not being abandoned, but rather adapted to a more demanding economic context.
Other projects also affected
The postponement of Mukaab, what was projected to be the largest skyscraper in the world, was not an isolated case. Last weekend, Saudi Arabia also announced the indefinite postponement of the 2029 Asian Winter Games, which were scheduled to take place in Trojena, a mountain resort integrated in the NEOM project.
The decision highlights the need to reevaluate investments considered less of a priority compared to other strategic commitments, according to the same source.
What was planned for Mukaab
Mukaab was presented as one of the boldest projects ever announced in the country. It was planned as a metallic cube 400 meters high, wide and deep, integrating a dome with a screen powered by artificial intelligence.
According to the data released, the structure would have the capacity to accommodate the equivalent of 20 Empire State Buildings and include around two million square meters of interior area, which would make it the largest single built structure in the world, according to . For now, the future of Mukaab remains open, dependent on a financial reassessment that reflects a new phase of greater restraint in the implementation of the ambitious Saudi agenda.
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