Tamimi Group and Saudi Arabian Trading & Construction Co. won contracts to finance, build and operate three residential areas for mega-city NEOM’s worker housing.
The areas will be part of a “Construction Village,” with a capacity to house 30,000 workers which NEOM plans to expand to accommodate more than 100,000 workers.
The contract allows the companies to operate the housing for 10 years however, NEOM did not say how much the contracts were worth.
NEOM chief executive officer Nadhmi Al-Nasr said in a statement: “The awarding of these contracts is another milestone in our journey to turn the NEOM dream into a reality. A project of this scale requires manpower to settle there for years to come”
The $500 billion NEOM project will be developed over an area of 26,500 km2 in the north-west of the Kingdom. It aims to be one of the pillars of the Kingdom’s economic transformation.