Video: Construction Week In Focus | Saudi Arabia's Neom in 2018
CW rounds up the progress made by the billion-dollar 'gigaproject' this year
Neom is one of Saudi Arabia's and the world's most impressive construction schemes, but how has the project progressed in 2018? The $500bn (SAR1.9tn) Neom City was revealed at the Future Investment Initiative 2017 conference, organised by Saudi Arabia's Public Investment Fund.
The fund is led by Crown Prince Mohammed Bin Salman, and is developing, alongside Neom, 'gigaprojects' such as Qiddiya and Amaala to further the kingdom's economic diversification.
Neom has seen major progress since its launch last year, with reports emerging in February 2018 that contracting heavyweight Saudi Binladin Group, led by Bakr Bin Laden, had won initial contracts to work on the project.
In July, Saudi Aramco veteran Eng Nadhmi Al-Nasr was named to lead Neom. October has also seen the conversation intensify around Neom: UAE retail giant Lulu Group's founder and chairman, Yusuffali M A, revealed the company's plans to invest in Neom as part of its major push into Saudi Arabia.
International technology company SAP also told Construction Week at Gitex 2018 in Dubai that its smart city systems could benefit projects such as Neom, and that it was in discussions with governments to contribute to the scheme.
In this episode of Construction Week In Focus, Neha Bhatia and Jack Ball, editor and senior reporter of Construction Week, detail the progress made by Saudi Arabia's Neom in 2018, and provide updates about Public Investment Fund's other gigaprojects as well.
Construction Week In Focus is a weekly bulletin of the Middle East's top news from the real estate development, contracting, MEP, facilities management, and equipment sectors.
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Construction Week In Focus episodes are published each Tuesday at 9am.