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NEOM Kicks off Work on First Phase of Residential Complexes

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, October 25. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, October 25. (Reuters)
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NEOM Kicks off Work on First Phase of Residential Complexes

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, October 25. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, October 25. (Reuters)

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.

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Saudi Arabia Launches Operations Room to Tackle Financial Fraud

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Arabia Launches Operations Room to Tackle Financial Fraud

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

Saudi Arabia’s cabinet, chaired by Crown Prince Mohammed bin Salman, has approved the creation of a dedicated operations room to receive and process financial fraud reports, in a move seen as a significant step forward in the Kingdom's fight against financial crime.
The initiative aims to strengthen the national security framework, improve response efficiency to financial risks, and boost investor confidence—key factors in enhancing the appeal of the Saudi market to international and domestic stakeholders.
The decision is part of broader efforts by the Kingdom to tackle financial fraud at both national and international levels, aligning with global standards and best practices.
Saudi legal and financial experts say the Kingdom’s decision to establish the operations room marks a transformative shift in the institutional framework for combating financial crime, with a direct executive role expected to accelerate response times and enhance criminal investigation efforts.
Speaking to Asharq Al-Awsat, experts said the move will bolster transparency and trust in Saudi Arabia’s financial system, helping to attract both domestic and foreign investment and reinforcing the country’s position as a secure economic hub.
Abdullah Alsahli, a core member of the Saudi Bar Association, described the cabinet's decision as a “pivotal step” in developing the Kingdom’s financial protection system and a practical move toward strengthening financial security and shielding the national economy from cross-sector financial crimes.
“This operations room—expected to be launched soon—will not just serve as another reporting channel, but will function as a high-level executive arm working in coordination with oversight bodies, foremost among them the Saudi Central Bank,” Alsahli said.
He explained that the room’s most notable feature is its direct link to victims of fraud, allowing individuals to report cases without having to go through lengthy banking or institutional procedures. This, he added, will ensure faster response to incidents as they occur.
“The significance of this room lies in its integration with an executive body empowered to conduct investigations and criminal tracking. It allows financial crimes to be addressed not only from a regulatory or administrative standpoint, but also from a judicial and security perspective,” Alsahli noted.
From a legal standpoint, Alsahli said the creation of the operations room represents a qualitative leap in the institutional fight against financial fraud. It introduces a parallel mechanism to the oversight role of the central bank and financial institutions, but with a distinct focus on investigation and prosecution.
“This shift means that fraud reports will no longer be limited to internal financial settlement procedures. Instead, they will be handled directly by competent bodies specialized in investigation, monitoring, and forensic analysis—enhancing deterrence and reducing leniency in fraud case handling,” he said.