Saudi Arabia's NEOM awards contracts for construction village

The village will expand to accommodate more than 100,000 residents

  
Nazmi al-Nasr, the CEO of NEOM company speaks during the last day of the investment conference in Riyadh, Saudi Arabia October 25, 2018. Image for illustrative purposes.

Nazmi al-Nasr, the CEO of NEOM company speaks during the last day of the investment conference in Riyadh, Saudi Arabia October 25, 2018. Image for illustrative purposes.

REUTERS/Faisal Al Nasser

DUBAI - Saudi Arabia's NEOM, which is building a huge economic zone, said on Sunday it awarded the contracts to finance, build, and operate its construction village to two companies.

Al-Tamimi Group and Saudi Arabian Trading and Construction Company won 10-year contracts for three residential areas that will house 30,000 workers who will develop the NEOM project, it said in a statement. The village will expand to accommodate more than 100,000 residents.

NEOM is a closed joint-stock company fully owned by Saudi Arabia's Public Investment Fund (PIF).

(Reporting by Hadeel Al Sayegh, Writing by Nafisa Eltahir; editing by John Stonestreet) ((Nafisa.Eltahir@thomsonreuters.com; +20 109 4966 335;))


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