Saudi Arabia has indefinitely suspended construction of the monumental Mukaab skyscraper, a centerpiece of Riyadh’s New Murabba development district, according to sources familiar with internal deliberations. The decision marks a significant strategic shift as the kingdom’s Public Investment Fund (PIF) reevaluates the financial viability and practical feasibility of its most ambitious Vision 2030 projects.
The cube-shaped Mukaab, designed to be the world’s largest single-built structure with capacity to contain twenty Empire State Buildings and approximately two million square meters of interior space, represented one of Crown Prince Mohammed bin Salman’s most futuristic architectural visions. The project’s suspension follows an $8 billion writedown on gigaproject investments recorded by PIF in late 2024, reflecting growing fiscal pressures as oil revenues remain below levels required to fund the transformation agenda.
Development work beyond preliminary soil excavation and foundation pilings has been halted indefinitely, though construction in surrounding residential and commercial zones continues. The Mukaab’s innovative design featured a massive AI-powered interior dome visible from a 300-meter terraced ziggurat structure, which project CEO Michael Dyke acknowledged presented unprecedented engineering challenges during a December conference in Riyadh.
This recalibration prioritizes near-term profitable ventures including infrastructure for World Expo 2030, the 2034 FIFA World Cup, the $60 billion Diriyah cultural zone, and Qiddiya tourism development. The kingdom has simultaneously postponed the 2029 Asian Winter Games scheduled for NEOM’s Trojena resort, indicating a broader reassessment of megaproject timelines.
New Murabba’s completion target has been extended from 2030 to 2040, with Knight Frank estimating total district costs at approximately $50 billion—equivalent to Jordan’s entire GDP. The development was originally projected to contribute 180 billion riyals to national GDP and create 334,000 jobs through 104,000 residential units.