NEOM to see increase in construction projects

Saudi Arabia is working to increase the construction of projects in its NEOM megaproject, CNBC Arabia reported, citing sources.

The state-owned company plans to offer tenders for building labor cities accommodating up to 100,000 workers, the sources added according to Argaam, the news portal.

Originally, the project, which was scheduled to be completed last year, was set to accommodate around 30,000 workers.

The company is close to offering five to 10 tenders over the next six months, with each city planned to accommodate nearly 10,000 workers.

Deloitte is advising the Saudi government on the project of establishing labor cities.

In October 2017, Crown Prince Mohammed bin Salman announced the launch of a new investment city, NEOM, in northwest Saudi Arabia, at a total investment of $500 billion, financed by the Saudi government, Public Investment Fund, as well as local and global investors.