Saudi Arabia Halts Mukaab Skyscraper Project Amid Oil Revenue Drop, Shifts to AI & Mining

• Saudi Arabia has suspended the Mukaab skyscraper project, a key part of Vision 2030, due to falling oil revenues and a strategic shift.
• The decision reflects a reassessment of spending priorities, moving towards faster-return sectors like artificial intelligence (AI) and mining.
• The Mukaab, designed to be 400m tall and wide, was central to Riyadh's New Murabba development and envisioned as an AI-powered mixed-use destination.
• The Public Investment Fund (PIF) is now prioritizing investments in logistics, AI, and mining over high-cost, long-horizon megaprojects.
• Saudi Arabia is also focusing on infrastructure for World Expo 2030, 2034 World Cup, Diriyah, and Qiddiya projects, while postponing the 2029 Asian Winter Games.

Why It Matters: Saudi Arabia is pivoting from ambitious megaprojects to AI and mining due to economic realities.