Construction Egyptian minister touts Ras El Hekma as blueprint for global deals Egypt’s Ras El Hekma deal with the United Arab Emirates shows how creditor and debtor countries around the world can work together for mutual benefit, the Egyptian minister of planning has said. It may also lead to similar agreements with other Gulf nations, according to Rania Al Mashat. “What Ras El Hekma has done is […] April 28, 2025
Giga-projects Aiman Al Mudaifer named permanent CEO of Neom Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […] April 23, 2025
Artificial Intelligence Aramco backs Riyadh-based construction AI startup Saudi Aramco’s venture arm has led a $1 million seed funding round for TruBuild, a construction technology startup based in Riyadh that uses artificial intelligence to cut project delays and cost overruns. “With growing scrutiny on giga-project timelines and budgets, there’s a clear urgency to prevent costly delays and rework,” Bisrat Degefa, CEO of TruBuild, […] April 16, 2025
Analysis Construction Global trade war prompts Gulf construction reassessment The global trade tensions triggered by Donald Trump’s tariff hikes is sending shockwaves through the Gulf’s construction sector, leading Saudi Arabia and the UAE to rethink sourcing materials and supply chain networks. The risk of costs accelerating has risen, but over the longer term prices could temper, providing a cost opportunity for the GCC, industry […] April 14, 2025
EXCLUSIVE Giga-projects PIF spending cuts slow giga-projects and trigger layoffs Saudi Arabia’s $925 billion Public Investment Fund (PIF) has ordered deep spending cuts across more than 100 of its companies, slowing projects and triggering layoffs, people familiar with the matter have told AGBI. The sovereign wealth fund at the heart of the government’s economic transformation strategy is mandating a minimum 20 percent reduction in 2025 […] March 24, 2025
Logistics Danish logistics partner rues Neom delays Denmark’s DSV A/S, one of the world’s largest freight and logistics companies, said that expected profit from a $10 billion joint venture with Saudi Arabia’s state-backed Neom will be slower in coming than previously forecast due to delays in the so-called giga-project. Neom is a $500 billion futuristic desert city project on Saudi Arabia’s northern […] March 21, 2025
Giga-projects Neom-backed Volocopter bought by Chinese company Chinese automotive and aerospace group Zhejiang Wanfeng Auto Wheel has acquired failed German air taxi developer Volocopter, a partner in Saudi Arabia’s Neom giga-project, for $11 million. The sale follows Volocopter’s collapse into insolvency in December, raising questions over Neom’s urban air mobility ambitions in its futuristic city development on Saudi Arabia’s north-western Red Sea […] March 18, 2025
Analysis Construction Ambitious plans accelerate Gulf construction costs Construction costs in Saudi Arabia and the UAE are in danger of accelerating over the next few years as both countries pour billions into infrastructure, energy and housing projects, observers have warned. Rises in the prices of steel, cement, glass, aluminium and components for air conditioning systems are driving the growth of building materials costs, […] February 18, 2025
Infrastructure Neom spends $37bn on infrastructure development Saudi Arabia’s $500 billion giga-project Neom has spent more than SAR140 billion ($37 billion) on infrastructure development so far, a senior company executive has said. Several real estate projects are still under development, with work on infrastructure and utilities continuously progressing, chief development officer Denis Hickey told PIF Private Sector Forum last week. The developer has two […] February 17, 2025
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
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
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
Analysis Giga-projects End of ‘blank cheque’ culture for Saudi consultancy Saudi Arabia remains a boom town for the global consultancy industry, but experts have warned it is no longer the land of milk and honey for international operators and there is now a tighter hold being placed on budgets. The Saudi consultancy market, the largest in the GCC, expanded by 18.2 percent in 2023 with […] January 8, 2025
Giga-projects Neom invests in Danish robotics company Neom Investment Fund (NIF) has invested in a Danish robotics company that specialises in automation technology for the construction industry. NIF, the investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom, will put funding into GMT Robotics, which builds robotic systems for the rebar concrete-reinforcing sector. The value of the investment was not revealed. […] December 13, 2024
Trade UK company to open ‘miracle material’ factory in Saudi Arabia The world’s first commercial production facility for graphene-enriched carbon fibre is to be built in Saudi Arabia, its backers have announced. Graphene Innovations Manchester (GIM) – a UK company that is developing the “miracle material” said to be stronger than diamond, more conductive than copper and more flexible than rubber – has signed an agreement […] December 10, 2024
Renewable Energy Poland’s Hynfra to build green ammonia plant in Egypt Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […] November 26, 2024
Exclusive Renewable Energy Neom Green Hydrogen will hit all markets, says chief Saudi Arabia’s Neom green hydrogen project is 60 percent complete and on track for full-time operation by the end of 2026, a senior official told AGBI. “We’re progressing well on all fronts, including the solar and wind farms, and we have received all the major equipment,” said Wesam Alghamdi, CEO of Neom Green Hydrogen Company […] November 19, 2024
Analysis Construction Leaders of The Line share vision of a brave new world Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world. Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made a coordinated pitch […] November 15, 2024
Analysis Giga-projects Saudi giga-projects are going local with new focus A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEOs are swapped out for locals and the government makes a stronger push on housing for Saudi citizens. Last month, the King Abdullah Financial District replaced its Indian CEO Guatam Sashiittal with Mohammed Alsudairy – head […] November 14, 2024
Giga-projects Neom’s Trojena to launch first apartment sales in new year The Saudi winter resort of Trojena will begin putting its first residential apartments and villas on the market within a few months, a senior official said on Wednesday, after its parent company Neom announced a new CEO in an effort to reinvigorate the giga-project. “2025 is very exciting for us at Trojena, we’re hoping early […] November 14, 2024
Video length: 06:30 VIDEO Giga-projects Neom replaces CEO in bid to move past negative headlines Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays. Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.” […] November 12, 2024
EXCLUSIVE Business of Sport Roshn seeks contractors for Riyadh World Cup stadium Saudi real estate developer Roshn is inviting expressions of interest from international and local contractors for its 45,000-seat football stadium in Riyadh. Iain McBride, Roshn’s head of commercial, said the Public Investment Fund subsidiary was actively seeking partners “very early in the process” to help “de-risk” the project. “What we don’t want is to design, […] November 6, 2024
