Linklaters is advising NEOM on the procurement and development of its residential communities’ project, a social infrastructure project that will house the growing workforce of the region taking shape in northwest Saudi Arabia. NEOM has finalised contracts with investors for the first phase of its residential communities’ expansion with the agreement amounting to a total value of SAR 21bn, making it one of the largest international public-private partnerships for accommodation.
The preferred bidders for the first phase of the residential communities consist of leading Saudi Arabian companies: Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners – Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).
The Linklaters team comprises Partner and Middle East Head of Energy & Infrastructure Matt Keats, managing associates Jack Allen-Fitt and Jonathan Vick, and associate Dmitry Gorchakov, amongst others. Karim Wali of Khoshaim & Associates (K&A) also provided support in relation to certain Saudi law matters.
Linklaters’ partner Matt Keats commented:
“We congratulate NEOM on this path-breaking development and are delighted to have advised on such a transformational project in the region.”
The agreement will see an additional 10 communities established across NEOM, adding capacity for 95,000 more occupants once the first phase of the project is completed. The temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed.
