Friday, September 27th, 2019
Tamimi Group and Saudi Arabian Trading & Construction Co have won contracts to finance, build and operate three residential areas with capacity to house 30,000 people, which will grow to 100,000. The construction project duration will require the acquisition of around 270 portable generator sets and compressors to provide onsite power for the workforce during Phase 1, say sources. The main construction areas will be part of a so-called ‘Construction Village’ which Neom later plans to expand to accommodate more than 100,000 residents. Neom is a centrepiece of Crown Prince Mohammed bin Salman’s ‘Vision 2030’ plan to end the kingdom’s dependence on crude and diversify the economy.
The Kingdom’s sovereign wealth fund is spearheading the development of the project on the Red Sea coast, and work has begun on the first phase, called Neom Bay.