NEOM Hosts Global Contractor Forum to Shape Future Projects

With the help of the companies that participated in the forum, the workforce is anticipated to grow to over 200,000 by next year - SPA
With the help of the companies that participated in the forum, the workforce is anticipated to grow to over 200,000 by next year - SPA
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NEOM Hosts Global Contractor Forum to Shape Future Projects

With the help of the companies that participated in the forum, the workforce is anticipated to grow to over 200,000 by next year - SPA
With the help of the companies that participated in the forum, the workforce is anticipated to grow to over 200,000 by next year - SPA

NEOM, the sustainable development taking shape in the northwest of Saudi Arabia, brought together over 100 of the world’s leading construction companies for a two-day industry forum, SPA reported.

The gathering, held in NEOM, showcased on-the-ground construction progress while highlighting future developments as NEOM advances into the next stage of its vast portfolio of projects.
As NEOM’s projects transition into a new phase of execution, the demand for top-tier construction proficiency is vital to deliver some of the most ambitious development projects the world has ever seen. These bold projects include the 170 km long city, THE LINE, currently being built in modular phases, with the first phase welcoming residents in 2030. The forum also emphasized the importance of innovation within the industry and how traditional construction methods will not meet the scale and scope of NEOM. Additionally, on-the-ground progress was showcased throughout NEOM, including construction progress on THE LINE, the Spine, Oxagon, Trojena, and the NEOM International Airport.
The forum opened with an address by the CEO of NEOM, Nadhmi Al-Nasr, stating: "As we go into our busiest ever phase of development, the scale of opportunities across NEOM is monumental. With projects progressing fast across all parts of the region, we are committed to collaborating with globally renowned contractors to achieve the vision of NEOM".
Attendees benefited from insights into the plans and scope of upcoming opportunities. Additionally, they visited project sites to witness first-hand the construction currently taking place, which is already on a massive scale seldom seen anywhere in the world. The event also included one-on-one meetings during which specific business opportunities were discussed as contractors displayed their services and capabilities.
The forum hosted a mix of firms from Saudi Arabia, along with international firms from Asia, Europe, North America, and North Africa. Construction is currently underway throughout all of NEOM, with a construction workforce of over 140,000. With the help of the companies that participated in the forum, the workforce is anticipated to grow to over 200,000 by next year.



Oil Bounces as Ukraine Ceasefire Deal Remains Elusive 

An oil tank and an oil pumpjack are pictured in the Permian basin, Loco Hills regions, New Mexico, US, April 6, 2023. (Reuters)
An oil tank and an oil pumpjack are pictured in the Permian basin, Loco Hills regions, New Mexico, US, April 6, 2023. (Reuters)
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Oil Bounces as Ukraine Ceasefire Deal Remains Elusive 

An oil tank and an oil pumpjack are pictured in the Permian basin, Loco Hills regions, New Mexico, US, April 6, 2023. (Reuters)
An oil tank and an oil pumpjack are pictured in the Permian basin, Loco Hills regions, New Mexico, US, April 6, 2023. (Reuters)

Oil prices rebounded on Friday to recover some of their more than 1% losses in the previous session, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies.

Brent crude futures rose 46 cents, or 0.7%, to $70.34 a barrel by 0406 GMT after settling 1.5% lower in the previous session. US West Texas Intermediate crude was at $67.03 a barrel, up 48 cents, or 0.7%, after closing down 1.7% on Thursday.

Russian President Vladimir Putin said on Thursday that Moscow supported a US proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.

"Russia's tepid support of a 30-day ceasefire proposal with Ukraine has reduced confidence around a ceasefire in the short term," IG market analyst Tony Sycamore said.

"The feeling is that US won't lift sanctions until they agree a ceasefire."

However, the global trade war that has roiled financial markets and raised recession fears is escalating with US President Donald Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.

The International Energy Agency warned on Thursday that global oil supply could exceed demand by around 600,000 barrels per day this year, due to growth led by the United States and weaker than expected global demand.

"The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the US and several other countries," the IEA said, prompting it to revise down its demand growth estimates for the fourth quarter of 2024 and the first quarter of 2025.

The Trump-driven trade war woes and demand worries dented oil prices on the previous day, though the possibility of less Russian oil in the global markets in the near term provided some cushion during Friday's trade.

"Most price projections were to the downside in the short term, but geopolitical tension could still cause supply disruptions," ANZ analysts said in a note to clients.