Construction
Saudi Arabia Awards Contracts for Megacity Neom’s Worker Housing
(Bloomberg) — Saudi Arabia has awarded to two Saudi firms contracts to build worker housing for its futuristic mega-city called Neom, as plans for the $500 billion project move forward despite skepticism from investors.
Tamimi Group and Saudi Arabian Trading & Construction Co. won contracts to finance, build and operate three residential areas with the capacity to house 30,000 people, Neom said in a statement on Sunday.
The areas will be part of a so-called “Construction Village,” which Neom later plans to expand to accommodate more than 100,000 residents, it said. Neom did not say how much the contracts were worth.
Along with plans to sell shares in state oil company Saudi Aramco, mega-city Neom is a centerpiece of Crown Prince Mohammed bin Salman’s “Vision 2030” plan to end the kingdom’s dependence on crude and diversify the economy.
The kingdom’s sovereign wealth fund is spearheading the development of the project on the Red Sea coast, and work has begun on the first phase, called Neom Bay.
However since the project was announced in 2017, international investors have been slow to commit, citing concerns about economic viability and political risk.
“The awarding of these contracts is another milestone in our journey to turn the Neom dream into a reality,” Neom chief executive Nadhmi Al-Nasr said in the statement. “Building a giga-project the size of Neom is a great challenge that requires manpower to settle there for years to come.”
READ:
https://www.businessliveme.com/economy/infrastructure/saudi-launches-23bn-riyadh-beautification-program/
-
Uncategorized2 months ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, October 24
-
OER Magazines4 weeks ago
Signature, October 24
-
Commodities2 months ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance2 months ago
Apple Pay Officially Launched in Oman
-
Oil & Gas2 months ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Lifestyle2 months ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season
-
Magazines3 weeks ago
OER, October 24
You must be logged in to post a comment Login