September 8, 2019 / 12:58 PM / 8 days ago

Saudi Arabia's NEOM awards contracts for construction village

DUBAI, Sept 8 (Reuters) - Saudi Arabia’s NEOM, which is building a huge economic zone, said on Sunday it awarded the contracts to finance, build, and operate its construction village to two companies.

Al-Tamimi Group and Saudi Arabian Trading and Construction Company won 10-year contracts for three residential areas that will house 30,000 workers who will develop the NEOM project, it said in a statement. The village will expand to accommodate more than 100,000 residents. NEOM is a closed joint-stock company fully owned by Saudi Arabia’s Public Investment Fund (PIF). (Reporting by Hadeel Al Sayegh, Writing by Nafisa Eltahir; editing by John Stonestreet)

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