Alfanar Projects has announced plans to inject approximately $2.7 billion into the development of five residential communities in NEOM.
Alfanar, a major global project developer and provider of engineering, construction, and technology solutions with origins in Saudi Arabia, stated that its scope of work includes developing, building, and operating these residential communities within the Saudi futuristic city.
This news follows a series of agreements signed by NEOM with investors for the first phase of the growth of its residential communities, as well as a social infrastructure project to accommodate the region’s rising workforce. According to NEOM, these agreements are worth $5.6 billion, hence making it one of the biggest international public-private partnerships (PPPs) for accommodation.
The scope of work includes developing, building, and operating five residential communities
On completion, these housing communities will be able to accommodate in excess of 50,000 residents.
The sustainability component is a prominent highlight of Alfanar’s involvement in the project. All of the homes in the five communities will be built utilizing environmentally friendly modular construction methods.
On completion, these housing communities will be able to accommodate in excess of 50,000 residents
Alfanar, a major player in green fuels, said the communities will leverage advanced building and maintenance technologies to increase sustainability and liveability, including computerized waste management facilities, wastewater reuse solutions, and captive solar power generation facilities.
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