SAR 21bln of investment to rapidly develop workforce residential communities at NEOM

SAR 21bln of investment to rapidly develop workforce residential communities at NEOM

- Signs one of the largest social infrastructure public-private partnerships globally

- Once completed, new communities are expected to accommodate an additional 95,000 occupants

NEOM, Kingdom of Saudi Arabia:– NEOM has announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. The agreement amounts to a total value of over SAR 21 billion, making it one of the largest international public-private partnerships for accommodation[2].

The preferred bidders for the first phase of the residential communities consist of leading Saudi Arabian companies, Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).

Nadhmi Al-Nasr, Chief Executive Officer at NEOM, said: “NEOM has selected some of the leading companies in Saudi Arabia as partners in delivering and operating temporary communities with world-leading services and infrastructure. The newly formed partnerships mark an important milestone for the region and is a testament to the capabilities of our team and partners who rapidly achieved financial close on a record amount.”

The agreement paves the way for more private