NEOM News

The latest news and information about NEOM, ENOWAOXAGONTHE LINE, TONOMUSTROJENA and other NEOM related projects

NEOM Reading List

We like to keep up with news and events in NEOM, Saudi Arabia and the surrounding area. Here are some of the news sites we read regularly.

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NEOM Construction News

CONSTRUCTION

Ongoing construction, new projects and updates about existing projects

NEOM Sports News

SPORTS

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NEOM Sustainability News

SUSTAINABILITY

The latest news about the green and sustainability initiatives at NEOM

The Saudi government has inked a deal with NEOM to cooperate on environmental issues linked to the megacity project in the Kingdom’s northwest.

Minister of Environment, Water, and Agriculture Abdul Rahman Al-Fadli attended the signing of a memorandum of understanding (MoU) between the ministry and NEOM aimed at jointly dealing with matters related to the scheme’s impact on the environment. The MoU, signed by the Environment Ministry’s undersecretary, Dr. Osama bin Ibrahim Faqiha, and NEOM’s chief executive officer, Nadhmi Al-Nasr, will see the two parties form a joint working team to implement the terms of the agreement.

Tadawul-listed Red Sea International Company has secured two contracts worth $34.9m (AED131m) for Saudi Arabia’s $500bn (SAR1.9tn) NEOM gigaproject, backed by the kingdom’s Public Investment Fund (PIF), to design-build and install accommodation units, offices, and all supporting building amenities.  In a stock market filing, the company said that the first contract worth $20.8m (SAR78m) covers engineering, procurement, and construction (EPC) works. 

The company said that the contract’s duration will be for four months starting from the contract date.

Red Sea International Company said that the financial impact of the contract will be “represented in generating revenue and profits that are recorded over the period beginning from Q4 2020 until Q1 2021”.

Prior to the Covid-19 outbreak, it was reported that the infrastructure and construction industry in Saudi Arabia was amongst the largest in the Gulf Cooperation Council (GCC) region, with more than $825 billion worth of planned and unawarded projects. The industry had seen growth in the contracts awarded – from $11.2 billion in 2016 to $14.6 billion in 2018.

With increased focus from both the private and public sector, the need for infrastructure and construction development will continue to grow in line with Vision 2030. As the Kingdom further opens the leisure and hospitality market, the ease of travel to the Kingdom will continue to drive growth in the hospitality sector.

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