Saudi Arabia’s NEOM gets $5.6bn to build workforce housing

Saudi Arabia’s NEOM gets $5.6bn to build workforce housing

Saudi Arabia’s NEOM has finalised a deal worth more than $5.6bn (SAR21bn) with a consortium of local investors for the first phase of the futuristic mega-city’s residential communities for its growing workforce. The four Saudi companies that will construct the first phase of the residential communities are Alfanar Global Development, Almutlaq Real Estate Investment Company, Nesma Holding Company and Tamasuk. The scope of the agreement will cover elements of design, finance, build, operations and maintenance of the housing communities. It will see an additional 10 communities established across adding capacity for 95,000 more occupants once the first phase of the project is completed. “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,” said Nadhmi Al-Nasr, CEO of NEOM. “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 deal paves the way for more private sector participation in the development of the giga-project’s infrastructure. The second phase of the temporary residential project is expected to be issued to the market in the