Alfanar Global Development, a part of Alfanar Group, is investing SR10 billion into developing and operating temporary residential communities in NEOM. This project, awarded as part of a record SR21 billion public-private partnership (PPP) for social infrastructure, will house the growing workforce in different parts of the region, including OXAGON where the future of advanced and clean industries is currently being constructed. The project supports NEOM’s rapid transformation by designing, building, and operating five communities for the growing workforce across the northwestern region of Saudi Arabia.
Since achieving financial closure with three major commercial banks - Riyad Bank, SAB, and Alinma Bank – Alfanar has made significant progress with the project's mobilization and execution. In total, the five residential communities awarded to Alfanar will cover an area of four million square meters and accommodate 50,000 occupants once complete.
Alfanar is the largest single investor in the crucial PPP, which underscores with fellow partners the commitment to shaping the future of urban living but also serves as a catalyst for economic growth. The project is expected to generate significant employment opportunities and contribute to the development of local economies in the region.
Read the full story at Saudi Gazette