NEOM has secured a funding of $5.6 billion to embark on the development of the initial phase of residential communities.
Developmental work is progressing rapidly at NEOM, the futuristic city in Saudi Arabia, as the giga-project has recently concluded contracts valued at SR21 billion ($5.6 billion) to construct the initial phase of residential communities for its workforce.
This landmark deal, which represents one of the world’s largest public-private partnership agreements for social infrastructure, involves the participation of prominent Saudi developers who will undertake the construction of 10 communities across the smart city. Once completed, these communities will accommodate approximately 95,000 individuals.
Among the preferred bidders selected to invest in this residential project are Alfanar Global Development, Almutlaq Real Estate Investment Co., Nesma Holding Co., and Tamasuk Holding Co. Tamasuk Holding Co. will contribute to the project through its two partner entities, Al Majal Al Arabi Group Co. and the Saudi Arabian Trade and Construction Co.
This partnership aligns with NEOM’s vision to increase private sector involvement in the development of the city’s infrastructure, a key aspect of the $500 billion project.
“Nadmi Al-Nasr, the CEO of NEOM, expressed his satisfaction with the selection of these leading Saudi companies as partners in delivering and operating temporary communities equipped with world-class services and infrastructure,” according to a press release.
The development of these residential communities is a significant step forward for NEOM, a city that is set to redefine urban living and drive economic growth in Saudi Arabia. With a focus on sustainability, technology, and innovation, NEOM aims to become a global hub for various industries, attracting top talent and fostering an environment conducive to entrepreneurship and creativity.
The construction of the first phase of residential communities will provide the essential housing infrastructure required for the workforce employed in NEOM’s diverse range of industries. It will offer modern and comfortable living spaces equipped with state-of-the-art amenities and services.
This ambitious project reflects Saudi Arabia’s commitment to transforming its economy and diversifying its revenue streams beyond traditional sectors. NEOM serves as a cornerstone of the Kingdom’s Vision 2030, a strategic roadmap that aims to propel the country into a more sustainable and prosperous future.
As development progresses at NEOM, the completion of the initial phase of residential communities will mark a significant milestone in the realization of this visionary project. It represents an important step in creating an exceptional living environment that fosters innovation, sustainability, and a high quality of life for residents and employees alike.
Among the esteemed partners selected for this crucial endeavor are Alfanar Global Development, Almutlaq Real Estate Investment Co., Nesma Holding Co., and Tamasuk Holding Co. Tamasuk Holding Co., in turn, will contribute through its subsidiary entities, Al Majal Al Arabi Group Co. and the Saudi Arabian Trade and Construction Co.
The involvement of these esteemed partners highlights NEOM’s determination to deliver exceptional residential communities equipped with world-class services and infrastructure. Nadhmi Al-Nasr, CEO of NEOM, expressed his satisfaction with the selection of these leading Saudi companies, acknowledging their expertise in delivering and operating temporary communities that meet international standards.
NEOM’s objective is to revolutionize the concept of urban living, blending cutting-edge technology, sustainability, and innovation to create a model city that attracts top talent and fosters economic growth. By establishing these residential communities, NEOM ensures that its workforce will have access to modern and comfortable living spaces, enhancing their overall well-being and productivity.
This significant investment in the residential sector aligns with the broader vision of NEOM and Saudi Arabia’s Vision 2030. NEOM, with its strategic location and focus on various industries, aims to diversify the economy and position Saudi Arabia as a global hub for innovation and business.
With the support of leading Saudi developers and robust investments, NEOM is well on its way to becoming a global model for smart cities, demonstrating the Kingdom’s determination to shape a prosperous and sustainable future.
