Saudi Arabia’s masterplan NEOM megaproject is steadily progressing from the drawing board. After five years of spending cuts, the growing momentum of tender issuances from NEOM is good news for contractors. The US group Aecom was appointed project management consultant for the NEOM Bay development in 2019, months after Riyadh approved the establishment of NEOM as a joint-stock company, wholly-owned by the Public Investment Fund, to develop the project.
Since 2019, around $1.43 billion worth of contracts have been awarded for construction and transport projects at NEOM, it stated. According to the report, the tendering activity for residential projects had gathered pace in recent weeks. Two tenders for one- and two-bedroom homes were issued as part of NEOM’s Community Expansion 3 programme, as was a separate tender for 25 homes at NEOM Zero, stated the GlobalData.
Contractors are understood to have expressed interest for a public private partnership (PPP) package for a housing project at the 120-km Gulf of Aqaba scheme earlier this month, and a PPP accommodation tender planned for NEOM Mountain is also advancing, it added.
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