RIYADH — The government of Saudi Arabia has accelerated the pace of work in implementing projects at NEOM, a city of the future on the Red Sea coast with total investments amounting to $500 billion.

“The procedures are under way to invite bids to build residential cities dedicated for a total of 100,000 project workers. The government plans to offer five to 10 bids during the period of the coming six months,” the government sources said while noting that each city will have the capacity to accommodate around 10,000 workers.

Deloitte company is providing the consultancy service for the government with regard to implementing the city. It has developed the Foreign Investment Advisory Center of Excellence with a view to assist prospective investors throughout their investment journey in the Kingdom.

Deloitte provides advice on business structures, licensing, workforce planning, immigration, tax and much more.

It is noteworthy that the NEOM company started in September 2019 construction work on the first phase of residential complexes for workers of the giant project. The first phase will house 30,000 workers who will be moving to NEOM to develop different areas of the project.

Two Saudi companies — Al-Tamimi Group and Saudi Arabian Trading & Construction Co. (SATCO) — have won contracts for the construction of the complexes. Al-Tamimi Group is building two residential areas inside the village with a housing capacity of 10,000 residents each, while SATCO will build a third one with the same capacity.

The two developers will operate the village for 10 years. This is considered the first investment opportunity listed by NEOM. The residential area will provide workers with a lifestyle aimed at creating a healthy working environment in line with NEOM’s objectives.

Saudi Arabia’s Vision 2030 sets out an ambitious economic development roadmap that seeks to diversify the Kingdom’s economy beyond the oil sector. It aims to attract foreign investment, stimulate economic growth, create the jobs needed to employ the Kingdom’s rapidly growing labor force and develop a more resilient economy.

In 2017, Crown Prince Muhammad Bin Salman first unveiled NEOM, Saudi Arabia’s flagship business and tourism development project. NEOM is a central project in the 2030 Vision outlining the Kingdom’s plans to diversify the economy.

It offers unique opportunities and advantages to leading investors and business owners worldwide. It will enable them to gain direct access to both Saudi and global markets, given its unique geographic location linking three continents of Asia, Africa and Europe.

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