$2.7 billion to develop five residential communities in NEOM

In an attempt to reshape the residential landscape in the Kingdom of Saudi Arabia, a Saudi project for a planned city that crosses borders has emerged, launched by Prince Muhammad bin Salman Al Saud, the Saudi Crown Prince.

The NEOM project is a bold and ambitious dream for a new future, and it is the start of change that will embody the future of innovation in business, living, and sustainability.

Al-Fanar International Development Company, one of the Al-Fanar companies, announced that it will pump 10 billion Saudi riyals ($2.7 billion) to develop five residential communities in NEOM, the smart city currently under construction in the Kingdom.

Building the first stage

Al-Fanar announcement comes after a set of agreements that NEOM signed with investors to build the first phase of its residential communities to accommodate the growing workforce in the region.

21 billion Saudi riyals

Earlier this month, NEOM revealed that it had finalized contracts worth SAR21 billion to develop these residential complexes, with Al Fanar being one of the best bidders.

Developing, building and operating these residential complexes

Al-Fanar International Development, a subsidiary of Al-Fanar Group, said that it had achieved financial closure for three major commercial banks in the Kingdom, namely Riyad Bank, Al-Awwal Saudi Bank and Al-Inma Bank.

The company revealed that the scope of the contract includes the development, construction and operation of these residential complexes within NEOM.

The five residential complexes will cover an area of 4 million square meters and will accommodate 50,000 residents upon completion.

The future of smart societies

The NEOM region emerged from the ambition of Saudi Arabia's Vision 2030 to transform industries.

Sabah Al Mutlaq, Vice Chairman of Al Fanar, said: “We are excited about the opportunity to contribute to this transformation and provide solutions that will redefine the future of smart societies.

"Our fully integrated engineering teams bring a wealth of experience and are dedicated to delivering quality and maintaining safety while successfully meeting all of these communities' requirements," he added.

Temporary housing projects

These temporary housing projects, to be used by the workforce during the construction period of the future city, will be built sustainably as modular transportable units that can be repurposed once the communities are no longer needed.

vital facilities

It will include many facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools, and entertainment venues.

The most ambitious project in Saudi Arabia

NEOM is widely considered the most ambitious project in Saudi Arabia, as the kingdom looks to diversify its economy in line with the goals outlined in Vision 2030.

The most famous tourist destination in the Kingdom

Construction work of the 500 billion gigabyte project is steadily progressing in the Tabuk region in northwestern Saudi Arabia. When completed, it is expected to become one of the most popular tourist destinations in the Kingdom.