Saudi Arabia puts brakes on Riyadh’s Mukaab megaproject

Saudi Arabia has halted work on the enormous Mukaab development in downtown Riyadh, as the Public Investment Fund reassesses the financial viability of some of its most ambitious projects.

The structure, a 400-meter (1,300-foot) tall cube designed to serve as the centerpiece of the Saudi capital’s $50 billion New Murabba district, has seen only initial excavation and piling before the suspension, Reuters reports.

Putting the brakes on the Mukaab project comes amid Saudi Arabia’s decision on Saturday to postpone hosting the 2029 Asian Winter Games, which were set to take place at the planned Trojena ski resort, another megaproject that has missed construction deadlines.

The kingdom is conducting a comprehensive review of several ventures at the center of Crown Prince Mohammed bin Salman’s Vision 2030 economic plan, including the trillion-dollar NEOM project in western Saudi Arabia.

The Mukaab was billed as large enough to fit 20 Empire State Buildings and feature around 21.5 million square feet (2 million square meters) of interior floor space, which would have made it the world’s largest built structure.