The Mukaab: Engineering the Impossible
The Mukaab — a 400m × 400m × 400m cube megastructure — is the planned centrepiece of the New Murabba district in Riyadh. Designed to be the world's largest built structure, it will house the world's largest immersive display dome and serve as the cultural, entertainment, and technological heart of a 19 square kilometre district accommodating 400,000 residents. Wholly owned by the Public Investment Fund (PIF) through the New Murabba Development Company.
Knight Frank values the total New Murabba development at $50 billion. The district includes: 90,000 residential units, 10,100 hotel rooms, 1.4 million sqm retail (the largest enclosed venue on earth within the Mukaab), 980,000 sqm office space, a 45,000-seat stadium, 80+ mosques, 20+ schools, and 2.3 million sqm green space. Designed as a 15-minute walkable city with 60% reduction in car dependency versus typical Riyadh development.
Construction Status: February 2026
The Mukaab superstructure was paused January 27, 2026 per Reuters, coinciding with PIF's revised 2026-2030 strategy (soft-launched February 9-10, 2026). Foundation status: 1,000+ of 1,200 piles complete (83%), 14 million cubic metres excavated. Key contract awards continue: Parsons Corporation awarded 60-month ILDC contract (January 13, 2026), Jacobs/AECOM JV appointed Lead Design (November 5, 2025), modular fit-out RFI issued for four corner towers (January 26, 2026). Only $3.6 billion of the $50 billion total has been commissioned as of late 2025.
Engineering Analysis
The Mukaab's structural challenges are unprecedented — enclosing 64 million cubic metres of space (equivalent to 20 Empire State Buildings). Buro Happold serves as structural engineering advisors. The modular construction approach — evidenced by the January 2026 corner tower RFI — suggests a phased fit-out strategy where the megastructure shell is completed first, with interior modules installed progressively. China Harbour established a 200,000 sqm modular manufacturing facility in Saudi Arabia (February 2025), and a NEOM-Samsung JV (SAR 1.3 billion) targets 40% cost savings through robotics and automation — technologies directly applicable to Mukaab construction.
Phased Delivery Timeline
The revised timeline reflects phased delivery aligned with Saudi Arabia's mega-event calendar: 2030 (Expo), 2034 (FIFA World Cup), 2035 (continued development), 2040 (full completion). District infrastructure development continues even as the Mukaab superstructure is paused — utilities, roads, residential blocks, and commercial facilities proceed on independent timelines. The pause is strategic rather than cancellation: PIF's revised strategy prioritises cash flow management across its portfolio while maintaining long-term delivery commitments.
Investment Analysis
Material considerations: $50 billion total development with only $3.6 billion commissioned (93% remaining). PIF ($925 billion+ AUM) provides institutional backing. Foreign ownership permitted since January 2026. 20 Tadawul-listed REITs (SAR 20B+ assets, 6.61% yields) offer liquid exposure to Saudi real estate. Direct participation through unit purchases, commercial leases, and hospitality investment will become available as delivery phases progress. Risk factors include construction timeline uncertainty, oil price dependency on PIF cash flows, and phasing risk — mitigated by structural demand (305,000 housing deficit), Expo/FIFA catalysts, and zero personal income tax.
Regulatory Environment: 2026 Reforms
Saudi Arabia's regulatory landscape underwent transformative change in early 2026. The Non-Saudi Real Estate Ownership Law (Royal Decree M/14, effective January 22, 2026) permits foreign ownership of commercial and residential property for the first time. The Capital Market Authority (CMA) abolished the Qualified Foreign Investor regime on February 1, 2026 — all foreign investors now eligible for Saudi capital markets, REITs, and tokenized assets. REGA has approved 9 real estate tokenization platforms (Ghanem, Jozo, Sahl, Madak, Nola, HissaTech, Hseel Tech, Dropp, Gamma Assets), with comprehensive regulations expected June 2026. The Saudi Depositary Receipts framework (July 2025) adds cross-listing capabilities. These reforms collectively create the most accessible investment environment in Saudi history.
Vision 2030 Strategic Context
Vision 2030's 96 strategic objectives across 13 Vision Realization Programs (VRPs) systematically generate demand across every sector covered by the Riyadh Intelligence Network. Key targets: 150 million annual tourists by 2030 (122 million achieved 2025), unemployment below 7%, female workforce participation above 30% (achieved), homeownership at 70% (from 63.7%), entertainment spending at 6% of household budgets, and GDP contribution from non-oil sectors exceeding 50%. Each target translates into measurable demand for infrastructure, services, housing, and expertise — creating multi-year investment opportunities with structural government backing. The Kingdom's construction pipeline: $819 billion across 5,200+ active projects.
Conclusion
Riyadh offers a generational opportunity powered by unprecedented government commitment ($925 billion+ PIF), structural demographic demand (70% under 35, population growing to 9.6 million by 2030), transformative regulatory reform (foreign ownership, QFI abolition), and dual mega-event catalysts (Expo 2030, FIFA 2034). The combination of $819 billion in active construction, zero personal income tax, SAR-USD peg stability, and the most comprehensive market opening in Saudi history creates an investment environment unmatched by peer cities in the Gulf, Asia, or broader emerging markets. This platform provides the intelligence infrastructure for informed professional participation.