NEOM Kicks off Work on First Phase of Residential Complexes
The NEOM company on Tuesday started construction work on the first phase of residential complexes dedicated to project workers’ housing. The first phase will house 30,000 workers who will be moving to NEOM to develop different areas of the project.
Building work kicked off with the attendance of NEOM Chief Executive Nadhmi al-Nasr as well as heads of the two Saudi companies who won contracts for the construction of the complexes, Al-Tamimi Group and Saudi Arabian Trading & Construction Co. ( SATCO).
The contracts allow the companies to operate the housing for 10 years. This is considered the first investment opportunity listed by NEOM.
Nasr urged developers to focus on the local content and increase the quantity of manufactured products and inputs in Saudi Arabia in support of the local economy and in tandem with the Saudi approach to boost local content in giant projects.
This meets guidelines of NEOM board of directors, chaired by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.
NEOM Chief Executive demanded firms to create job opportunities to residents of NEOM, pledging to back these firms in all means to achieve human development.
The residential region consists of several complexes in which Al-Tamimi Group has contracts to build two residential complexes with each fitting to 10,000 workers, while SATCO would construct a similar complex with the same capacity.
The project workers’ housing would provide a life-pattern that seeks to prepare an adequate business environment that goes in tandem with the goals of NEOM and the best world practices.
NEOM is located in an area of about 26.5 thousand square kilometers in the north-west of the kingdom. The project would be a pillar of economic transformation within Saudi Vision 2030 to provide various income sources through NEOM economic sectors and real estate investments.