The government of Saudi Arabia has accelerated the pace of work in implementing projects at NEOM, a city of the future on the Red Sea coast with total investments amounting to $500 billion.
“The procedures are under way to invite bids to build residential cities dedicated for a total of 100,000 project workers. The government plans to offer five to 10 bids during the period of the coming six months,” the government sources said while noting that each city will have the capacity to accommodate around 10,000 workers. Two Saudi companies — Al-Tamimi Group and Saudi Arabian Trading & Construction Co. (SATCO) — have won contracts for the construction of the complexes. Al-Tamimi Group is building two residential areas inside the village with a housing capacity of 10,000 residents each, while SATCO will build a third one with the same capacity.
The two developers will operate the village for 10 years. This is considered the first investment opportunity listed by NEOM. The residential area will provide workers with a lifestyle aimed at creating a healthy working environment in line with NEOM’s objectives.
Read the full story at Saudi Gazette