Tech $5bn Neom data centre latest deal announced at Leap Saudi Arabia’s $500 billion futuristic giga-project Neom has signed a $5 billion deal to develop what it claims will be the world’s first fully sustainable data centre. The agreement was signed with the Saudi IT and technology company DataVolt. The data centre will be located at Oxagon, with the first phase having a capacity of […] February 11, 2025
Construction Dubai contractor Alec anticipates $500m IPO Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […] February 5, 2025
Construction Contracts in Saudi Arabia rise 25% in value in 2024 The value of contracts issued by Saudi Arabia rose by almost a quarter year on year in 2024 to reach a record high of $146.8 billion. The kingdom accounted for more than half of all contracts issued across the GCC, which reached a new high of $273.2 billion, according to a report by the Kuwait-based […] January 30, 2025
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025
Giga-projects Rising fuel and feedstock prices could fund Vision 2030 Higher feedstock and fuel prices introduced in Saudi Arabia are likely to play a part in funding the kingdom’s trillion-dollar Vision 2030 programme, according to a leading ratings agency. From the start of the month, the price of methane, the main component of natural gas and commonly used as a fuel in cement kilns, rose […] January 10, 2025
Construction ‘Few other nations have dared to attempt this’ Architects and engineers tell AGBI about the positives and pitfalls of Saudi Arabia's push to build it all, 'all at once' January 9, 2025