Saudi Arabia’s US$ 500 bn Neom gigaproject to commence construction work
Posted on 15th April 2019
According to *Constructionweekonline news report, the project team for Saudi Arabia’s $500bn (SAR1.9tn) Neom gigaproject will start moving on-site in the "coming [...] months” to commence construction work, the development’s chief executive officer, Nadhmi Al-Nasr, confirmed.
In an Arab language statement to state news agency SPA, Al-Nasr said work is progressing as planned on Neom – one of Saudi Arabia's largest construction projects – and that building work would begin "over the next few months".
Al-Nasr was speaking on the side-lines of the ‘Dream Neom’ competition – an initiative between Neom and Mohammed bin Salman bin Abdulaziz Foundation (Misk) seeking innovative ways to contend global challenges in the fields of energy, health, sustainability, environment, and technology.
Seventy-four Saudi men and women participated in the competition. First place winners received $66,781 (SAR250,000), while second and third place scorers received $426,710 (SAR100,000) and $13,356 (SAR50,000) respectively.
Backed by Saudi Arabia's sovereign wealth vehicle, Public Investment Fund – which is led by Crown Prince HRH Mohammed Bin Salman – Neom maps the kingdom’s long-term aspirations through 16 economic sectors.
Al-Nasr’s announcement comes three months after SPA reported that the Neom Founding Board, chaired by the Crown Prince, had approved the strategic concept of the masterplan for Neom Bay, the first urban area to be developed within the gigaproject.
The state news agency said the board “gave instructions to complete preparations and start construction work in the first quarter of 2019”.
January 2019 saw a Saudi Arabian Airlines (Saudia) flight, carrying 130 Neom staff, land at Neom airport in Sharma, located in the Tabuk region.
Related project: Neom Business CityBack to all Construction News
Share this story: