NEOM awards investment opportunities to finance, build and operate construction village for the world's most ambitious project

Al-Tamimi Group will develop two residential areas within the village with a capacity to house 10,000 residents each. SATCO will build a third one with the same capacity

  

NEOM offered its first investment opportunity through partnering with two national companies to finance, build and operate the accommodations that will host workers who will move to the site to develop various areas of the NEOM project.    

The awarding of the Construction Village marks an important step in the journey to develop NEOM, the most ambitious project on Earth. 

Al-Tamimi Group will develop two residential areas within the village with a capacity to house 10,000 residents each. SATCO will build a third one with the same capacity. The two developers will operate the Village for 10 years. 

The construction village will consist of three residential areas for 30,000 residents and will be able to be expanded later as the project develops to accommodate more than 100,000 residents.

The developers will build the residential areas with conditions in line with the best international standards for contractors' accommodation as per the IFC (International Finance Corporation).

Residents will be accommodated in living areas built around green spaces comprising orchards, vegetable plots and ornamental gardens. The village will also have waste management and recycling facilities to eliminate the landfill and to protect the environment. 

In keeping with NEOM's sport-for-all philosophy, residents will enjoy a range of recreation facilities including cricket, soccer fields, tennis, basketball courts, gymnasiums, running tracks, swimming pools and indoor games rooms. 

"The awarding of these contracts is another milestone in our journey to turn the NEOM dream into a reality and I'm happy to see our partners joining us to make this happen," said Nadhmi Al-Nasr, CEO of NEOM. "Building a giga-project the size of NEOM is a great challenge that requires manpower to settle there for years to come and we are keen on creating the best environment for those who will work and live there," he added. 

Tariq al-Tamimi, Chairman of Tamimi Group said: "We are planning to build these housing projects for the people who will build NEOM with the highest standards of quality and to set a benchmark for all future projects." 

Malek Antabi, Chairman and Chief Executive Officer of SATCO said: "Involvement with NEOM is not only an investment in the present, it is an investment in the future of SATCO." Antabi added: "Our services will achieve a healthier employee retention rate and a higher workforce morale, which by itself will increase productivity. Complying with the high standards of NEOM, will actually make it much easier for SATCO to meet its objectives on this project." 

NEOM, the flagship project of Saudi Arabia's post-oil diversification plan, is being built on a 26,500 km2 area in the Northwestern of the Kingdom. It offers unique investment opportunities in economic sectors and real-estate development.

-Ends-

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases