Riyadh, Saudi Arabia (Reuters) – Saudi Arabia has decided to suspend work on the iconic “Cube” project in the heart of Riyadh’s “New Square” district, sources familiar with the matter told Reuters. The move aims to reassess the financing and economic viability of the massive structure, which was intended to be one of the capital’s most prominent landmarks.
Rationalizing spending to counter oil pressures
This decision comes amid a comprehensive strategic review of the “Vision 2030” projects. Simultaneously, the Public Investment Fund (PIF) is moving towards a more conservative and rationalized spending policy. This review aims to shift investment focus towards more pressing sectors with faster returns, particularly in light of the financial challenges stemming from fluctuating global oil prices.
The fate of “the largest structure ever built”
The project, previously touted as having the capacity of 20 Empire State Buildings, has effectively stalled at the excavation and foundation stage. According to sources, while construction of the “cube” itself has been suspended, development of the surrounding properties and areas will continue as part of the New Square project. This aims to ensure the continued urban expansion of the capital.
