Saudi Arabia is currently heavily reliant on oil exports, but the country is looking to reduce this dependence through its “Vision 2030” project. This initiative aims to decrease the contribution of oil and gas to the country’s GDP from 47% to 11% by 2030. As part of this plan, the Public Investment Fund (PIF) has announced the construction of the “largest modern city in the world” in the capital city of Riyadh. The centerpiece of this new development will be the “Mukaab,” a 400-meter-high, futuristic 360-degree virtual reality cinema.
The Mukaab will be a cube-shaped building with 400-meter-long edges, and it will showcase virtual content using cutting-edge holographic technology. The cinema is expected to become the “first immersive destination in the world based on digital and virtual technology.” The building will be located in the northeast of Riyadh, which will become the “world’s largest modern city” once the project is completed. The Mukaab will be surrounded by other new buildings that will house apartments and offices. The new district will have over 100,000 apartments, and all facilities will be within a 15-minute walk.
The Mukaab will be the centerpiece of a two-million-square-meter development that will include restaurants, shops, hotels, and recreational facilities. The project is expected to contribute $50 billion to the country’s GDP and create around 330,000 jobs. The PIF is the state-owned investment fund of Saudi Arabia, and it is leading the development of this ambitious project. The completion of the entire project is expected by 2030, and it is hoped that it will significantly reduce the country’s dependence on oil exports.
