The first contracts for the Kingdom’s $500bn mega-city, Neom, have been awarded. A number of official residences and Government buildings will be located on the Red Sea coast around 95 miles west of Tabuk.

It has been reported that Saudi BinLadin Group has been commissioned to build one of the residences, and banks have reportedly also started offering financing facilities to builders, although an official cost has not yet been revealed.

No doubt more announcements regarding Neom will follow in the months to come, creating opportunities for foreign companies to bring their products, services and expertise to the Kingdom.

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