Metropolis Desk-
Neom, a brand-new metropolis being developed in Saudi Arabia on the Red Sea coast, has closed a contract worth more than 21 billion riyals ($5.6 billion) with a group of local investors. This is the third investment made in the past month to support the most ambitious project the country has undertaken to diversify its economy.
According to a release, four local businesses will create temporary accommodations and facilities for 95,000 individuals through public-private collaboration.
The largest initiative in Crown Prince Mohammed bin Salman’s strategy to diversify the nation’s oil-dependent economy is Neom. He hopes the city would serve as a showcase for new technologies that have the potential to reshape daily life and change Saudi Arabia’s economy.
In recent weeks, it has also successfully raised $8.4 billion from a collection of international and regional banks to construct one of the largest green hydrogen plants in the world, as well as 3 billion riyals from Riyad Bank to support the development of the island resort Sindalah.
Almutlaq Real Estate Investment Company, Tamasuk, Nesma Holding Co., and Alfanar Global Development are the four companies creating the housing at Neom. The Public Investment Fund, which owns Neom, invested in a group of contractors earlier this year to strengthen the industry’s capacity to carry out sizable new building projects. One of those contractors was Nesma.
Source- NDTV
