Saudi Arabia’s Crown Prince and Deputy Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud has announced a new $500-billion city, Neom, aimed at turning the kingdom into a leading global innovations hub and offering its inhabitants an idyllic lifestyle combined with exceptional economic prospects.
The Saudi government has approved plans for a new city to be built at an investment of $3 billion featuring more than 10,000 homes, a culture and heritage tourist centre, technology and industry parks, a university and an airport at Taif, said a report.
State oil giant Saudi Aramco plans to set up a new construction company with local and international partners to build non-oil infrastructure in Saudi Arabia, reported Reuters, citing senior industry sources.
The Saudi Industrial Property Authority (Modon) has signed an agreement with Saudi Huawei to transform its industrial cities into smart industrial centres to keep abreast of developments and demands.
Arkaz, a subsidiary of Alturki Holding and a leading supplier of concrete admixtures and building products, has been awarded a contract to supply its innovative hydrophobic and pore-blocking (HPI) concrete admixture to be used for the marine structures at Jizan Economic City (JEC).
Firm to boost pilgrim facilities Saudi Arabia’s Public Investment Fund (PIF) is preparing to launch Rou’a Al Haram, a development company set to increase facilities and services for pilgrims and visitors to the Grand Mosque.
Arriyadh Development Authority (ADA), the executive arm of The High Commission for the Development of Arriyadh, has launched the Naming Rights Programme of its Riyadh Public Transit Network which is currently under construction.
Al Salem Johnson Controls (York), a pioneer in the heating, ventilation and air-conditioning (HVAC) industry, has also become the frontrunner for bringing power-saving technology based on magnetic levitation into Saudi Arabia.
Saudi-based alfanar, a leading electrical power company in the region, said one of its subsidiaries Alfa Solar Company, has signed a strategic $57-million loan deal with European Bank for Reconstruction and Development (EBRD) and Islamic Corporation for the Development of the Private Sector (ICD) to fund a 50 MW solar photovoltaic (PV) project in E
Dammam-based Balhamer Aluminium Extrusion Factory (Alubex) is fully geared to take new strides in the aluminium extrusion profiles market with its wide range of products and extensive services. Part of Balhamer Industrial Group, Alubex was established in 2016, with its state-of-the-art facility located in the Third Industrial City in Dammam.
