“construction village” … a step toward turn neom dream into fact

Saudi Arabia has awarded contracts for two Saudi companies, in order to build house units for the staff who will work in its futuristic huge city called “neom”. And despite doubts from investors, the project’s plans, that cost 500 billion dollars, are moving forward.

Knowing that since the project’s announcement in 2017, the international investors had concerns regarding political risks and economic feasibility.

As per the statement that has been issued on Sunday, neom said: “Tamimi Group and Saudi Arabian Trading & Construction Corporation have won contracts to build, finance, and operate 3 Residential areas, which will Accommodates for about 30 thousand persons”.

According to neom, these areas will be part of what called “construction village”, which is supposed to be expanded later to Accommodates more than 100 thousand of the residents.

“The award of these contracts is a big step towards turn neom dream into reality, as the construction of such mega-project requires human resources to ensure its success and stability,” said Neom’s CEO Nadhmi Al-Nasr.

It is important to mention that neom city considered as the centerpiece of the “vision 2030” plan, which has been established by Crown Prince Mohammed bin Salman that aiming to Diversification of the economy and end kingdom’s dependence on Crude Oil.

The kingdom’s sovereign wealth fund is the one who is leading the operation of the project development on the Red Sea coast, and work on the first phase of the project, which called “neom bay”, has started.