• Home
  • About
  • Asset Classes
    • Private Equity
    • Listed Equity
    • PPP/BOT Investment
    • Real Estate
    • Venture Capital
  • Press
  • Careers
  • Contact
  • العربية

Almutlaq Group is a closed joint stock company registered in Riyadh, Saudi Arabia. We have established and maintained a distinguished name in every field of our endeavors; which is illustrated through the highest quality of product, service and business for over 60 years.

  • Akaria Towers, Tower 2, Floor 3, Salah ad Din Al Ayubi Road, Al Malaz, Riyadh
  • (+966) 11 224-7800
  • info@almutlaq.com
    • Home
    • About
    • Asset Classes
      • Private Equity
      • Listed Equity
      • PPP/BOT Investment
      • Real Estate
      • Venture Capital
    • Press
    • Careers
    • Contact
    • العربية
AMG
AMG
  • Home
  • About
  • Asset Classes
    • Private Equity
    • Listed Equity
    • PPP/BOT Investment
    • Real Estate
    • Venture Capital
  • Press
  • Careers
  • Contact
  • العربية

21 billion riyal investment to develop Neom’s residential communities

AMG > Going with the grain: Saudi flour mill transfer gets $540m boost > News & Events > 21 billion riyal investment to develop Neom’s residential communities

The communities are expected to accommodate an additional 95,000 occupants

Neom: Neom has finalised contracts amounting to 21 billion riyals with investors for the first phase of its residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce.

The preferred bidders for the first phase of the project include Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk (involved via two separate partners Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company).

Nadhmi Al Nasr, CEO at Neom, said: “Neom has selected some of the leading companies in Saudi Arabia as partners in delivering and operating temporary communities with world-leading services and infrastructure. The newly formed partnerships mark an important milestone for the region and is a testament to the capabilities of our team and partners who rapidly achieved financial close on a record amount.”

The agreement paves the way for more private sector participation in the development of Neom’s infrastructure. The second phase of the temporary residential project is expected to be issued to the market in the coming months.

Several of Neom’s core developments are ramping up, including The Line, Trojena, Oxagon, and Sindalah, as infrastructure unfolds across the region.

The agreement will see an additional 10 communities established across Neom, adding capacity for 95,000 more occupants once the first phase of the project is completed. The temporary accommodations, needed during the construction period of Neom, are built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed. Additional to essential services, communities will also include a wide range of lifestyle facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools and entertainment venues.

Published: June 06, 2023 15:51
Gulf News Report

Source: https://gulfnews.com/business/property/21-billion-riyal-investment-to-develop-neoms-residential-communities-1.96233964

  • Next Saudi Flour Milling Company’s IPO Pulls in $18 Billion of Orders

Recent Posts

21 billion riyal investment to develop Neom’s residential communities June 19, 2023
Saudi Flour Milling Company’s IPO Pulls in $18 Billion of Orders
Saudi Flour Milling Company’s IPO Pulls in $18 Billion of Orders May 30, 2023
Red Sea Global achieves commercial close for Almutlaq JV financing January 24, 2023
Saudi Red Sea tourism project signs $400mln JV pact for luxury resort July 5, 2022
First Saudi milling company privatised in deal worth $540m January 6, 2021

Archives

  • June 2023
  • May 2023
  • January 2023
  • July 2022
  • January 2021

Categories

  • No categories

© Copyright 2022 Almutlaq Group