Saudi’s NEOM invests $5.6bln to develop urban communities

NEOM, Saudi Arabia announced on Tuesday an invested of about $5.6 billion to establish 10 additional residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce.

The first phase of the residential communities consists of leading Saudi Arabian companies, Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk.

The new communities are expected to absorb an additional 95,000 inhabitants by the end of the first phase, and at that legitimate cost is one of the largest international public-private housing partnerships.

It is worth mentioning that Tamasuk company is involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).