Work on Saudi Arabia’s futuristic city NEOM has seen rapid progress. Being a central project of 2030 Vision outlining the kingdom’s plans for a diverse economy, this week has seen several deals struck, contracts inked, and agreements finalised covering new milestones in the megacity project. The following include four important developments in NEOM that took place recently.
1. New contract for Sindalah marina at NEOM
The global network of luxury marinas IGY Marinas will develop and operate the Sindalah marina, NEOM’s luxury island destination.
Antoni Vives, Head of Urban Development at NEOM, said: “This partnership with IGY is one of many steps we are taking to achieve our vision of reshaping the global yachting calendar, with NEOM located one day’s cruising distance from the Mediterranean Sea.”
Once said, Sindalah marina will be the closest ultra-prime superyacht marina to Europe and the Mediterranean.
2. $2.7bn investment in residential development
Alfanar Projects, formerly Alfanar construction, has announced plans to pump in $2.7 billion for the development of five residential communities, covering 4 million sq m area at NEOM. The scope of work will include the development, construction, and operation of these communities.
The announcement came following a series of contracts with investors for the first phase of NEOM’S residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. The agreement amounts to a total value of over SR21 billion, making it one of the largest international public-private partnerships for accommodation, the developer said.
3. Power transmission system contract with Hitachi
Hitachi Energy has secured a major contract from Enowa and the Saudi Electricity Company (SEC) to design, develop and commission the first phase of NEOM‘s region transmission system. This is expected to eventually develop into one of the world’s first 3 GW, 525 kilovolt (kV) HVDC light transmission systems.
