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Saudi Arabia Awards Contracts for Megacity Neom’s Worker Housing

  • Tamimi Group, SATCO get contracts to develop residential areas
  • Neom is a futuristic city planned for kingdom’s Red Sea coast

Saudi Arabia has awarded to two Saudi firms contracts to build worker housing for its futuristic mega-city called Neom, as plans for the $500 billion project move forward despite skepticism from investors.

Tamimi Group and Saudi Arabian Trading & Construction Co. won contracts to finance, build and operate three residential areas with capacity to house 30,000 people, Neom said in a statement on Sunday. The areas will be part of a so-called “Construction Village,” which Neom later plans to expand to accommodate more than 100,000 residents, it said. Neom did not say how much the contracts were worth.