Giga-projects Neom launches ‘futuristic’ project on Aqaba coast Saudi Arabia’s $500 billion Neom giga-project has launched Aquellum, a “futuristic” mixed-use development on the Gulf of Aqaba coast. The project will be concealed from the outside along the coastline, hidden within a 450-metre-high mountain range. Visitors will access Aquellum through “the world’s first floating marina” in a specially designed vessel, entering through a concealed […] January 11, 2024
Sustainability Gulf’s recycling industry grows with mega-projects The volume of Gulf construction projects will increase the use of recycled materials, the head of the Bureau of Middle East Recycling has told AGBI. Ibrahim Aboura, who is also managing director of Aboura Metals in Dubai and a committee chairman of the Bureau of International Recycling (BIR), added that it will also raise the […] January 8, 2024
Construction The Avenues – Khobar to be built by Kuwait developer Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction. The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab […] December 22, 2023
Sustainability Neom sets up company to work on Saudi food security Saudi Arabia’s $500 billion Neom giga-project has set up a food company to support the kingdom’s targets for food security and climate change mitigation. Topian, which is wholly owned by Neom, will work on food production, distribution and consumption across five pillars: climate-proof agriculture, regenerative aquaculture, novel foods, personalised nutrition and sustainable food supply. The […] December 11, 2023
Analysis Giga-projects Big 5 builders seek answers to Saudi’s $1.5trn question Saudi Arabia’s mammoth pipeline of giga-projects was the focus of the Big 5 Global conference in Dubai this week, as the region’s main construction players discussed how to juggle fast-approaching 2030 deadlines with the kingdom’s push for sustainable development. Saudi Arabia has signed off on $78 billion of construction projects so far this year, up […] December 7, 2023
SPECIAL REPORT Giga-projects Giga-projects gobble up building supplies and talent Saudi Arabia’s enormous building programme is luring workers from other GCC countries and placing a strain on the supply of raw materials, construction executives have warned. Builders in the UAE in particular are concerned about the resources demanded by the Saudi market, which posted record growth in construction activity during the third quarter. The latest […] December 5, 2023
Tourism Neom’s Siranna promotes Saudi eco-friendly tourism Saudi Arabia’s giga-project Neom has unveiled its latest eco-friendly tourism destination on the coast of the Gulf of Aqaba. Siranna, located in northwest Saudi Arabia, will be home to a 65-key hotel and 35 “exclusive” residences. The architecture of the “ultra-luxurious” destination comprises hexagonal pillars that will “blend into the adjoining mountain and wadi”, Neom […] November 30, 2023
Analysis Construction Neom registers 33 new patents for projects Saudi Arabia’s futuristic city Neom has ramped up its applications for patents on names and logos, registering a total of 33 this year, including 27 within the last two months, indicating that at least two new major projects are still to come. Neom Company has made a total of 45 applications to the US patent […] November 24, 2023
DUBAI AIRSHOW Aviation Neom flying taxis ‘should be ready by 2026,’ says developer Neom could have “flying taxis” in the air by 2026 if testing and regulatory work stays on track, according to the company developing them for the Saudi giga-project. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, said it ran successful test flights in the summer and was working with the […] November 16, 2023
Construction Epicon resort announced as latest Neom venture Saudi Arabia’s $500 billion giga-project Neom has unveiled plans to build a new luxury tourism destination on the coast of the Gulf of Aqaba. Called Epicon, the resort has been designed as a “gateway to the future” and will feature “striking” skyscrapers rising to 225 metres and 275 metres high. The towers will be home to […] November 16, 2023
Transport Neom fund invests in US supersonic aircraft maker Newly launched Neom Investment Fund (NIF) has invested in Boom Supersonic, a US company developing the world’s fastest airliner. The value of the investment was not given. However, Boom confirmed that the total funding to date now exceeds $700 million. As part of the agreement, Boom and NIF will collaborate on opportunities to make the Gulf […] November 13, 2023
DUBAI AIRSHOW Aviation Riyadh Air positions Saudi as major player in Gulf aviation Gulf airlines are bracing for an escalating challenge from Saudi Arabia’s new global carrier Riyadh Air, which is scheduled for take-off in 2025. The highly hyped airline, whose launch was first revealed by the kingdom in March, is targeting 100 destinations in its first five years. This is a scale of ambition likely to reshape […] November 12, 2023
Tourism Ancient rock art to draw modern tourists to Saudi Arabia Saudi Arabia is funding research and excavation of the ancient rock art in its caves and mountains as it seeks to develop cultural tourism, an archaeologist has told AGBI. Dr Majeed Khan, who acts as a consultant to the kingdom’s Ministry of Culture, has been researching its petroglyphs – images carved out of rock thousands […] November 12, 2023
Giga-projects Saudi construction contracts balloon since 2015 Saudi Arabia has signed off on $78 billion of construction projects so far this year, up 42 percent from $54.5 billion in 2015, just before the announcement of the Vision 2030 project. The statistics, provided by the Saudi Contractors Authority (Scavo), show the total value of ongoing projects as of the end of October at […] November 7, 2023
Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023
FII Banking & Finance Neom investment fund backs US futuristic transport firms The newly launched investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom has made its first commitments, backing two US-based transport companies. The Neom Investment Fund (NIF) announced on Wednesday that it had made a $100 million investment in the global autonomous driving company Pony.ai. A joint venture will be set up between the […] October 25, 2023
FII Logistics Neom and Denmark’s DSV in $10bn logistics partnership Saudi Arabia’s Neom and Danish freight forwarder DSV have entered into a $10 billion logistics joint venture (JV) that will serve the $500 billion giga-project in the kingdom’s northwest. The JV will provide supply chain management including delivering goods and materials to Neom, the companies said in a joint statement. Neom, owned by Saudi Arabia’s […] October 24, 2023
Giga-projects Warning over climate impact of Saudi giga-projects Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found. “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […] October 23, 2023
Finance PIF’s sukuk may test investor appetite for Middle East Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza. Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […] October 17, 2023
Tourism Saudi eco-tourism drive continues with Leyja launch Saudi Arabia’s $500 billion giga-project Neom has unveiled plans for a sustainable tourism destination built between 400-metre-high mountains. Leyja will have just 120 rooms and suites, split equally with 40 keys each in three resorts, the company said in a statement. The eco-friendly development will spread from the Gulf of Aqaba coast and move inland […] October 16, 2023
Sustainability Cop28 and UN unveil $72 billion ocean conservation plan The UN, Cop28 and the International Union for Conservation of Nature (IUCN) have jointly launched a $72 billion initiative to protect at least 30 percent of the world’s oceans. The Oceans Breakthrough strategy was announced by Razan Al Mubarak, president of the IUCN and one of the UAE’s UN climate change champions for Cop28. As […] October 13, 2023
Transport Saudia plans first bond issue to fund fleet expansion State-owned Saudi Arabian Airlines (Saudia) is planning its first bond issuance as part of a funding plan to drive its expansion strategy, according to a media report. The airline is evaluating options, Ibrahim Alomar, director general of Saudia, told Bloomberg. He added that the proposed bond size has not been finalised. Saudia aims to increase […] October 5, 2023
