Linklaters is advising NEOM on the acquisition and development of a community housing project, a social infrastructure project that will host a growing workforce from an emerging region in North West Saudi Arabia. NEOM has secured investor deals for the first phase of its condominium expansion totaling SAR21 billion, making it one of the largest international partnerships for public and private developments.
NEOM has signed investor deals for the first phase of the expansion of its residential developments
Linklaters, a London-based international law firm, is advising Saudi Arabia’s futuristic NEOM city on the acquisition and development of a community housing project, a social infrastructure project that will host the growing workforce from the Kingdom’s burgeoning north-west region. .
NEOM has secured investor deals for the first phase of its condominium expansion with a total contract value of SR21 billion, making it one of the largest international private-public construction partnerships.
The preferred bidders for the first phase of the condominiums are major Saudi companies: Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma Holding and Tamasuk, engaged through two separate partners: Al Majal Al Arabi Group Company and Saudi Arabia Trade and Construction Company (Satco).
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The Linklaters team includes Matt Keats, Partner and Head of Energy and Infrastructure for the Middle East, Managing Partners Jack Allen-Fitt and Jonathan Vick and Partner Dmitry Gorchakov. Karim Wali of Khoshaim & Associates (K&A) also provided assistance on specific Saudi legal issues.
Matt Keats, Partner at Linklaters said: “We congratulate NEOM on this groundbreaking development and are delighted to be able to advise on such a transformative project in the region.”
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The agreement provides for the creation of 10 additional communities by NEOM, adding an additional 95,000 residents to capacity upon completion of the first phase of the project.
The temporary housing units needed during NEOM’s construction period are sustainably built as portable modular units that can be reconfigured when communities no longer need them, he added.
