Saudi Arabia is set to begin construction on its ambitious new project, a massive skyscraper designed in the shape of a giant cube, located in the heart of Riyadh, according to a report by Bloomberg.

The building is projected to be large enough to house 20 Empire State Buildings, the tallest skyscraper in New York City. When completed, each side of the cube will measure 400 meters, making it the largest building in the world.

Bloomberg noted that the cube will serve as the centerpiece of the New Square, a community that Saudi Arabia envisions as a new destination within the capital.

Michael Dyke, the CEO of the New Square development, stated in an interview, "It may appear as just a building today, but it is much more than that. Ultimately, a capital the size of Riyadh deserves a central global icon, much like other capitals."

The developer plans to award contracts worth tens of billions of riyals next year to provide entertainment venues, educational institutions, healthcare facilities, and a stadium with a capacity of 45,000 seats for the building and its surrounding area.

According to the report, the New Square development company has already excavated over 10 million cubic meters of earth in preparation for the construction of the cube.

The New Square is one of several mega-projects aimed at reducing the kingdom's reliance on crude oil and transforming it into a hub for everything from entertainment and tourism to manufacturing, as outlined by the report.

The area is expected to eventually include 18 communities capable of accommodating over 400,000 residents. The first phase of the New Square's construction is slated for completion by 2030, including approximately 8,000 homes that will house around 35,000 people, according to Dyke.

This development aligns with Saudi Arabia's hosting of Expo 2030, a six-month trade fair represented by over 190 countries, beginning in October of that year.