Alfanar Global Development, a part of Alfanar Group, is investing SR10 billion into developing and operating temporary residential communities in NEOM. This project, awarded as part of a record SR21 billion public-private partnership (PPP) for social infrastructure, will house the growing workforce in different parts of the region, including Oxagon where the future of advanced and clean industries is currently being constructed. The project supports NEOM’s rapid transformation by designing, building, and operating five communities for the growing workforce across the northwestern region of Saudi Arabia.
Since achieving financial closure with three major commercial banks - Riyad Bank, SAB, and Alinma Bank – Alfanar has made significant progress with the project's mobilization and execution. In total, the five residential communities awarded to Alfanar will cover an area of four million square meters and accommodate 50,000 occupants once complete.
As part of the awarded project, communities are to offer a range of lifestyle services and facilities, including housekeeping and multi-purpose sports fields to offer a comfortable living experience. By investing in advanced building and maintenance technologies, Alfanar will operate in the communities sustainably through computerized waste management facilities, wastewater reuse solutions, and captive solar power generation facilities.
On the occasion, Sabah Al Mutlaq, Vice Chairman of Alfanar, remarked, “The region of NEOM is born from the ambition of Saudi Arabia's Vision 2030 to transform industries. We are excited about the opportunity to contribute to this transformation and to deliver solutions that will redefine the future of smart communities.” He further added, “Our fully integrated engineering teams bring a wealth of experience and are dedicated to delivering quality and maintaining safety while successfully fulfilling all requirements for these communities.”
Alfanar is the largest single investor in the crucial PPP, which underscores with fellow partners the commitment to shaping the future of urban living but also serves as a catalyst for economic growth. The project is expected to generate significant employment opportunities and contribute to the development of local economies in the region.
