PHOTO
Saudi giga project NEOM announced on Tuesday one of the largest social infrastructure public-private partnerships (PPP) in the world with the finalisation of 21 billion Saudi riyals ($5.6bln) worth of contracts for the first phase of its residential communities’ expansion to house a growing workforce.
The contracts were awarded to Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and a consortium of Tamasuk, Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO), NEOM said in a press statement.
The agreement covers elements of design, finance, build, operations, and maintenance of the housing communities.
The expansion will see an additional 10 communities established across NEOM, adding capacity for 95,000 more occupants.
According to the statement, the temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed.
In addition to essential services, communities will also include a wide range of lifestyle facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools and entertainment venues.
The statement said the second phase of the temporary residential project is expected to be tendered in the coming months.
NEOM is reviewing interest from investors with plans to shortlist pre-qualified participants from now, the statement added.
(Writing by Anoop Menon; Editing by Bhaskar Raj)
