NEOM Signs USD5.6b Contracts for Residential Communities in Saudi Arabia's Futuristic City
(MENAFN) The ambitious development of NEOM, Saudi Arabia's futuristic city, is rapidly progressing as the giga-project recently finalized contracts worth SR21 billion (USD5.6 billion) for the construction of the first phase of residential communities to accommodate the city's workforce.
In what is considered one of the largest public-private partnership deals for social infrastructure worldwide, NEOM has partnered with leading Saudi developers to build 10 communities across the smart city. Upon completion of the first phase, these communities will house an additional 95,000 occupants, further enhancing NEOM's vision for a vibrant and sustainable urban environment.
The press release revealed the preferred bidders who will invest in developing the first-phase residential project, including prominent entities such as Alfanar Global Development, Almutlaq Real Estate Investment Co., Nesma Holding Co., and Tamasuk Holding Co.
Tamasuk Holding Co. will be participating in the project through two separate partners, namely Al Majal Al Arabi Group Co. and the Saudi Arabian Trade and Construction Co., showcasing the collaborative efforts to realize NEOM's transformative vision.
This significant deal aligns with NEOM's plan to increase private sector involvement in the development of the city's infrastructure, promoting economic growth and fostering innovation. By partnering with these esteemed Saudi companies, NEOM aims to deliver high-quality temporary communities equipped with world-class services and infrastructure, emphasizing the importance of providing a superior living experience for its workforce.
Nadhmi Al-Nasr, CEO of NEOM, expressed his satisfaction with the selection of leading companies in Saudi Arabia as partners in delivering and operating these temporary communities. The involvement of such reputable organizations demonstrates NEOM's commitment to creating a sustainable and technologically advanced city that meets the highest international standards.
As NEOM continues to attract investments and forge partnerships, it solidifies its position as a pioneering city of the future, poised to revolutionize urban living and drive Saudi Arabia's economic diversification efforts. The development of these residential communities marks a significant milestone in NEOM's journey toward becoming a thriving hub for innovation, business, and quality living, shaping a better future for the Kingdom and its people.
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