Jan 27 (Reuters) – Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project’s financing and feasibility, four people familiar with the matter said.
The Mukaab, at the center of Riyadh’s New Murabba development, is the latest fantastical gigaproject linked to Saudi’s Vision 2030 to be curtailed or delayed as the kingdom’s $925 billion sovereign wealth fund scales back ambitions to manage costs and prioritize spending.
The kingdom is pivoting from heavy expenditure on futuristic projects that have dominated Crown Prince Mohammed bin Salman’s Vision 2030, such as NEOM’s The Line, to initiatives seen as more pressing and potentially profitable.
Projects in focus now include infrastructure for World Expo 2030 and the 2034 World Cup, the sprawling $60 billion Diriyah mixed-use cultural zone and the Qiddiya tourism megaproject, five people familiar with the matter said.
The repositioning also reflects mounting fiscal pressures as oil prices remain well below levels needed to fund the ambitious transformation agenda. More
By Timour Azhari, Hadeel Al Sayegh and Federico Maccioni
