Saudi Arabia awards first major contracts for $500bn NEOM mega city project
Cii Radio| Ayesha Ismail| 31 January 2018| 13 Jumadul Ula 1439
Saudi Arabia has awarded the first major contracts for the planned $500bn NEOM City on the Red Sea Coast, Dubai-based business news site MEED reported this week.
NEOM, a project announced in October by Saudi Crown Prince Mohammed Bin Salman, aspires to be the “safest, most efficient, most future oriented, and best place to live and work” in the kingdom.
NEOM’s land mass will extend across the Egyptian and Jordanian borders, rendering NEOM the first private zone to span three countries.
The project will be backed by more than $500 billion over the coming years by Saudi Arabia.
Wind and solar power will allow NEOM to be powered solely by regenerative energy, while 70 percent of the world’s population will be able to reach it within eight hours.
According to MEED, the Saudi Royal Court “has awarded packages for five palaces and other infrastructure at the NEOM development.”
MEED said the contracts were worth 15 billion riyals ($4 billion).
“The largest package has been awarded to the local El-Seif Engineering & Construction, which will build four of the five palaces. A contractor known as Mac has been appointed to build the remaining palace, with local contractor Nesma having been awarded the contract to develop infrastructure and utilities for the sites.
“The local Al-Bawani has been awarded a contract to build a gathering hall, golf course and other landscaping works,” the report added.
Construction of the first phase of the landmark project is due to be completed by 2025, while NEOM’s contribution to the kingdom’s GDP is expected to be at least $100bn by 2030, MEED reported.
Source – Al Arabiya