We like to keep up with news and events in NEOM, Saudi Arabia and the surrounding area. Here are some of the news sites we read regularly.
Saudi Arabia will not directly build the futuristic city THE LINE at NEOM, but instead use “a lot of artificial intelligence to design through a digital twin backbone,” NEOM’s executive director Giles Pendleton said in an internal interview.
The hanging stadiums within Saudi Arabia’s $500 billion giga-project NEOM will make tourists reimagine and visualize the future, as the Kingdom steadily pursues its ambitions to become a global tourism hub by 2030, according to its CEO Nadhmi Al-Nasr. Speaking at the World Travel and Tourism Council Global Summit in Riyadh on Nov. 30, Al-Nasr noted that everything in NEOM will be connected to tourism business models.
HanmiGlobal Co. on Monday said it has earned contracts for the construction and development of NEOM, the urban development project seeking to build the world's largest new city from scratch in Saudi Arabia. HanmiGlobal recently won the contract to build residential facilities for workers in the project. Last month, the company received a letter of intent for the project's monitoring service and began work, and is now devising the main agreement.
Australia-based global engineering services giant Worley announced that it has been signed Framework Bridging Agreement for services in the Saudi giga project NEOM. The agreement was inked with ENOWA, the energy and water subsidiary of NEOM, Worley said in a stock exchange statement. The statement said ENOWA is planning to create a sustainable supply and distribution of water and energy throughout the NEOM region.
Saudi Arabia’s Red Sea Global (RSG), the developer behind The Red Sea and Amaala giga projects, has purchased a fleet of electric buses to deliver its sustainable, smart and seamlessly integrated transport network across The Red Sea project, the developer said in a statement. The purchase agreement was signed with e-mobility firm Electromin and Energy International Corporation to deploy a fleet of zero-emission electric buses for employee transportation.
Saudi Arabia’s gigaprojects are ramping up to award $569bn-worth of contracts between 2021 and 2025. According to MEED’s Saudi Gigaprojects report, the total will be a step change for the regional projects market as it will dwarf the $172bn-worth of work awarded in the previous five-year period between 2016 and 2021. It will also be more than double the previous record of $281bn reached between 2011 and 2015.
Allen & Overy has advised NEOM, the smart and sustainable regional development project in northwest Saudi Arabia, in connection with a USD 175 million Series E investment in Volocopter. NEOM will take a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry, positioning it as a leader in future mobility solutions.
Many large Korean construction companies are moving to get a piece of the action as Saudi Arabia wants to partner with Korean builders in promoting the NEOM City project. Yet, DL E&C, the No. 3 player in the Korean construction market, appears to have failed to jump on the bandwagon. DL E&C reduced the proportion of the overseas business and focused instead on the housing business at home, which probably served as a negative factor for the builder, analysts say.
The unofficial "richest man in the world" and the de facto leader of Saudi Arabia's choice of lodging during his stay in South Korea is garnering attention with his extravagant decision to stay in a suite room that goes for 22 million won ($16,449) a night. According to industry insiders, Saudi Arabia's Crown Prince Mohammed bin Salman arrived at Seoul Air Base around midnight and spent the night at the Lotte Hotel Seoul, a luxury business hotel situated in central Seoul.
Saudia is the only airline offering commercial service to the airport — the airport first got domestic service as of June 2019, and then international service started in June 2022.
Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman arrived in Seoul on Thursday to hold talks with President Yoon Suk-yeol and top business leaders, initiating a slew of agreements worth an estimated $30 billion between the two countries. The crown prince’s trip to Seoul is his first in three years. In a closed meeting held earlier in the day, Yoon and the crown prince agreed to develop bilateral relations into a “future-oriented strategic partnership” and establish a “strategic partnership committee” at the leadership level to promote cooperative projects more systemically, according to a written statement released by the presidential office.
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