NEOM, a project announced in October by Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, aspires to be the “safest, most efficient, most future oriented, and best place to live and work” in the Kingdom.
NEOM’s land mass will extend across the Egyptian and Jordanian borders, rendering NEOM the first private zone to span three countries.
The project will be backed by more than $500 billion over the coming years by Saudi Arabia.
Wind and solar power will allow NEOM to be powered solely by regenerative energy, while 70 percent of the world’s population will be able to reach it within eight hours.
According to MEED, the Saudi Royal Court “has awarded packages for five palaces and other infrastructure at the NEOM development.”
MEED said the contracts were worth SR15 billion ($4 billion).
“The largest package has been awarded to the local El-Seif Engineering & Construction, which will build four of the five palaces.
A contractor known as Mac has been appointed to build the remaining palace, with local contractor Nesma having been awarded the contract to develop infrastructure and utilities for the sites.
“The local Al-Bawani has been awarded a contract to build a gathering hall, golf course and other landscaping works,” the report added.
Construction of the first phase of the landmark project is due to be completed by 2025, while NEOM’s contribution to the kingdom’s GDP is expected to be at least $100bn by 2030, MEED reported.