NEOM has announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion infrastructure project in Saudi Arabia.

The preferred bidders for the first phase of the residential communities consist of the following Saudi Arabian companies:

• Alfanar Global Development;
• Almutlaq Real Estate Investment Company (AREIC);
• Nesma Holding Co; and
• Tamasuk is involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).

The residential communities construction project can house up to 95,000 residents. These communities will utilize sustainable temporary accommodations in the form of relocatable modular units. After NEOM's construction, these units can be repurposed. In addition to essential services, the communities will offer a range of lifestyle facilities such as sports fields, courts, pools, and entertainment venues.