Neom, a new destination being created in Saudi Arabia, has joined hands with Al Tamimi Group and Saudi Arabian Trading & Construction Company (Satco) to break ground on the first residential complex for workers at the Construction Village.
This comes following the recent awarding of contracts to the duo by Neom for the construction, financing, operation, and development of the first residential complexes at the Construction Village for 10 years.
The complex is being designed to accommodate 30,000 people who will move to Neom during the coming period to build the different phases of the $500-billion futuristic city.
The ground-breaking ceremony was attended by Neom CEO Engineer Nazmi Al Nasr along with Al Tamimi Group chairman Tariq Al Tamimi and Satco chairman and CEO Malek Entebi along with other officials.
As per the deal, Tamimi Group will build two residential complexes, each with a capacity of 10,000 workers, while Satco will build a similar complex with the same capacity.
The residential area will offer workers a lifestyle aimed at creating a healthy work environment for them in line with Neom’s intentions and global best practices, said the developer.
The residential development boasts of a vast area that can be later used for construction of more complexes according to the needs of the project to accommodate the flow of more labor into it, it stated. As per a recent estimate, the workers’ population in the later stages could balloon to more than 100,000 workers.
This rapid succession comes as part of Neom’s efforts to provide an investment opportunity for the two companies, as the contract will provide a ten-year operating period.
Al Nasr called upon the duo to concentrate on recruiting local talent and increasing the number of inputs and products made in Saudi Arabia in support of the local economy.
This comes in line with Saudi Arabia’s intention to increase the proportion of local content in major projects.
Neom is the most ambitious project in the world, being developed on a sprawling 26.5 thousand sq km area in the north-west of the Kingdom.
The project will be one of the pillars of the kingdom’s economic transformation within Vision 2030 to provide diversified sources of income through the economic sectors and real estate investments.
TradeArabia News Service