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 consultancy worth $3.2bn Working on Vision 2030 Aims for 40% Saudi nationals 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 internationa... January 7, 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 Giga-projects gaining local focus Providing for Saudi families Prices may still be too high for locals A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEO... 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
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Giga-projects Neom raises $24 billion from the private sector The Saudi giga-project Neom has secured SAR60 billion ($16 billion) in private sector funding and SAR30 billion ($8 billion) in loans as it tries to move away from reliance on government cash. The revelation was made by deputy CEO Rayan Fayez to the Future Investment Initiative forum in Riyadh on Wednesday. Fayez said: “What we’ve […] October 30, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Opinion Energy The Middle East has the chance to lead on hydrogen The pace and scale of deployment must accelerate to meet mid-century climate goals October 23, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Analysis Energy Energy security at centre of EU-GCC collaboration The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […] October 18, 2024
Giga-projects Neom ‘uses one fifth of world’s steel’ The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. She told the Global Logistics Forum in the […] October 15, 2024
Industry Neom sets up $186m concrete hub for The Line Saudi Arabia’s Neom is setting up a new ready-mix concrete complex to primarily serve The Line, its desert city. The giga-project developer has tied up with Asas Al-Mohileb, a local construction and engineering company, to establish and operate a SAR700 million ($186 million) green concrete plant, which will produce more than 20,000 cubic metres per […] October 9, 2024