Latest news with #PIFPrivateSectorForum
ME Construction
21-02-2025
- Business
- ME Construction
Hidden Marina works underway as Phase I of THE LINE
Construction Hidden Marina works underway as Phase I of THE LINE By NEOM has partnered with Samsung on automated rebar production, revolutionising construction safety and efficiency by automating traditionally labour-intensive processes NEOM is set to unveil the first phase of giga-project THE LINE, with the Hidden Marina – a 2.5km waterfront development with a built-up area of over 21m sqm. More than 140,000 workers are currently engaged in the project's construction, with over 5,000 dedicated to NEOM itself, said the developer. Hidden Marina, the first segment of THE LINE, will stretch 2.5km in length and rise 500m high. The development will comprise three interconnected modules and is expected to accommodate over 200,000 residents. On completion, the development will feature over 80,000 residential units, 9,000 hotel rooms and commercial and retail spaces in addition to fire stations, schools, police and security services. At the PIF Private Sector Forum in Riyadh, Denis Hickey, Chief Development Officer, NEOM said, 'The project, a bold step in redefining urban living, will introduce a fully integrated, vertical city built in modular 800m sections. With a built-up area surpassing 21m sqm, the scale of Hidden Marina is unprecedented. We have already deployed significant resources to lay the groundwork for this ambitious urban revolution.' 'Infrastructure development has seen an investment of over US $140bn, ensuring that essential services such as energy, water, transport, data, and communications are in place to support the emerging metropolis. With construction on track, our vision of a fully integrated, futuristic metropolis is rapidly becoming a reality,' he added. Meanwhile, NEOM has forged further strategic partnerships including a joint venture with DSV, the logistics company, to build a cutting-edge logistics network from scratch. Additionally, it has partnered with Samsung on automated rebar production, revolutionising construction safety and efficiency by automating traditionally labour-intensive processes.
Mid East Info
17-02-2025
- Business
- Mid East Info
ROSHN Group Signs 1.5 Billion SAR Agreements, Reinforcing Commitment to Local Content at PIF Private Sector Forum
ROSHN Group, the Kingdom's leading multi-asset class real estate developer and a PIF company, reinforced its commitment to fostering local content and driving economic growth at the third edition of the PIF Private Sector Forum. As part of its active participation, ROSHN Group announced new agreements worth 1.5 billion Saudi Riyals, For construction operations and the development of infrastructure and retail facilities in SEDRA Community, the Group's largest integrated development in Riyadh. The agreements signed during the forum reflect ROSHN Group's strategic efforts to strengthen the Kingdom's construction sector, expand local expertise, and enhance supply chain localization. The contracts were awarded to local, Saudi-based contractors and a major international firm investing in local operations, further solidifying ROSHN Group's role in enabling national capabilities. The first agreement, valued at 650 million Saudi Riyals, was signed with Riyadh-based contractor SARH ATTQNIA to develop more than 900 residential units and sports facilities at SEDRA Community. Another agreement was signed with Building Construction Company (BCC) for the development of more than 700 residential units, supporting the continued expansion of the integrated community SEDRA. In addition, a 130 million Saudi Riyal agreement was signed with Development Works, covering the construction of SEDRA's first district retail mall. A fourth agreement, worth 720 million Saudi Riyals, was signed with China Harbour Engineering Company for the development of more than 300 premium residential units in SEDRA. Alongside these agreements, ROSHN Group expanded its strategic partnerships by signing several Memorandums of Understanding (MoUs) and Framework Agreements with leading international and local companies. These agreements will strengthen partnerships with the contracting sector and further localize key building materials and technologies, ensuring greater reliance on domestic expertise. Among the key collaborations are partnerships with Daikin and Johnson Controls, alongside Saudi firms such as Solutions Valley Company, Shaker Group, and ARAK City, focusing on the localized manufacturing of building systems and energy-efficient solutions. 'Our mandate at ROSHN Group extends beyond developing integrated projects; it plays a vital role in advancing Saudi Arabia's economic diversification by strengthening local industries and expanding national capabilities. The signing of these agreements at the PIF Private Sector Forum reflects this commitment, as we continue to invest in the Kingdom's construction ecosystem. These partnerships accelerate the progress of our projects while contributing to a more resilient and dynamic national economy.' Said Iain McBride, Executive Director, Commercial, ROSHN Group.
FACT
17-02-2025
- Business
- FACT
NEOM announces Hidden Marina as the first phase of The Line
Saudi Arabia's megaproject, NEOM, has been hitting headlines. Now, it has announced Hidden Marina, which is the first phase of The Line. The 2.5-kilometre-long development will be built over 21 million square metres of space on the Kingdom's western coastline. Hidden Marina will be the first segment of The Line, which will rise 500 metres high and cover three interconnected modules. The site aims to feature 9,000 hotel rooms and 80,000 residential units and bring together 200,000 residents. Plus, the site will be home to retail spaces, fire stations, schools, police and security services. Denis Hickey, the Chief Development Officer of NEOM, at the PIF Private Sector Forum in Riyadh, explained: 'The project, a bold step in redefining urban living, will introduce a fully integrated, vertical city built in modular 800-meter sections. With a built-up area surpassing 21 million square metres, the scale of Hidden Marina is unprecedented, dwarfing global benchmarks such as the Burj Khalifa, which has a built-up area of just 350,000 square metres'. Denis added: 'The NEOM Green Hydrogen Company stands out as one of the most significant initiatives. Currently constructing the world's largest green hydrogen manufacturing plant in partnership with Acwa Power, the facility is set to transform the global clean energy landscape.' More than 140,000 workers from 100 countries are working on the project's construction. NEOM investment framework is structured around NEOM Investment Fund and the NEOM Investment Office, which are focused on sectoral investments and real estate partnerships. Check in with FACT for the best things to do in Saudi Arabia. GO: Visit for more information.
Zawya
17-02-2025
- Business
- Zawya
Saudi: Diriyah's major infrastructure set for 2027 completion, says Inzerillo
RIYADH — Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, said that Diriyah's major infrastructure will be completed by 2027. "The major infrastructure will include 60,000 underground parking spaces, pedestrian-friendly zones, and state-of-the-art facilities that seamlessly integrate with the city's historical heritage." Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo emphasized Diriyah Square stands as a defining feature of the city's transformation. "The commercial and cultural district, currently under construction, features 83 tower cranes operating at full capacity. Once complete, it will include a 1.9-kilometer boulevard, our own version of the Champs-Élysées, housing Saudi Arabia's contemporary art museum, a 20,000-seat arena, an exhibition center, an opera house, and the largest Apple store in the world." "Diriyah, the birthplace of the Kingdom of Saudi Arabia, is undergoing an unprecedented $64 billion transformation, positioning itself as a global destination and a model for sustainable, walkable urban development," he added. "Currently, 40,000 workers are on-site daily, driving forward the development of Diriyah, including major infrastructural enhancements and hospitality expansions," Inzerillo stated. "The UNESCO World Heritage Site in Diriyah has already welcomed three million visitors, with projections set to reach 27 million by 2030." "Despite still being in development, Diriyah is already generating revenue, with operating income expected to surpass projections for 2025," he revealed. "Early residential sales have reached between SR13 billion and SR14 billion in advanced deposits. Luxury properties, including Ritz-Carlton, Raffles, and Oberoi-branded residences, have sold out, while five of the 37 Aman Villas were purchased within three days of their release." "These are not hypothetical sales; these are deposited sales," Inzerillo emphasized. "We are also seeing growing confidence from international investors, including Italian and Colombian developers, as well as rising interest from Qatari and Emirati buyers." "Diriyah is a flagship Vision 2030 project, with its rapid progress aligning with Saudi Arabia's broader economic transformation," he continued. "The Kingdom is experiencing an influx of multinational corporations establishing headquarters, a shift driven by growing confidence in the country and its evolving business-friendly environment." "Saudi Arabia achieved G20 status faster than any other nation," Inzerillo noted, highlighting the Kingdom's strategic position in the global economy. "Diriyah's rise as a cultural and investment hub aligns with Saudi Arabia's growing portfolio of international events, including Expo 2030, the 2027 Asian Football Games, and the 2034 FIFA World Cup." "As Riyadh's population is set to reach 12 million, Diriyah is emerging as the city's pedestrian-friendly, high-quality lifestyle hub," he said. "Spanning 14.2 million square meters—equivalent to Beverly Hills, California—it will feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options. Adjacent to Diriyah, Wadi Safar will host high-end resorts from Aman, Six Senses, and Chetty, along with a 27-hole Greg Norman-designed golf course." Inzerillo suggested that Diriyah could be publicly listed in the future, following the trend of other PIF-backed giga-projects. "With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability," he said. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
17-02-2025
- Business
- Zawya
Roshn awards contract for over 1,900 homes, retail units in Sedra
Roshn Group, the kingdom's leading multi-asset class real estate developer powered by Saudi wealth fund PIF, has announced that it has awarded new contracts worth SAR1.5 billion ($400 million) for Sedra Community, the group's largest integrated development in Riyadh. The scope of work includes construction of more than 1,900 residential units as well as infrastructure development works related to the retail facilities of Sedra, said Roshn in a statement. These agreements were signed at the third edition of the PIF Private Sector Forum in Riyadh, thus reflecting Roshn's strategic efforts to strengthen the kingdom's construction sector, expand local expertise, and enhance supply chain localization. The first agreement, valued at SAR650 million, was signed for development of more than 900 residential units and sports facilities at Sedra Community. Another agreement was signed for the development of more than 700 residential units, supporting the continued expansion of the integrated community. In addition, a SAR130 million agreement was signed for the construction of Sedra's first district retail mall. A fourth agreement, worth SAR720 million, was signed for the development of more than 300 premium residential units in Sedra. All of these contracts were awarded to several leading national and international contracting companies investing in Saudi operations, further solidifying Roshn's role in enabling national capabilities, stated the developer. This move reinforces our commitment to fostering local content and driving economic growth, remarked Iain McBride, the Executive Director (Commercial) at Roshn Group. "Our mandate at Roshn Group extends beyond developing integrated projects; it plays a vital role in advancing Saudi Arabia's economic diversification by strengthening local industries and expanding national capabilities," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
