Saudi Arabia's Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said NEOM projects are presently being restructured to achieve higher economic efficiency and long‑term financial sustainability.
The future of the Saudi heavy construction equipment market appears promising, driven by ongoing government initiatives and urbanisation trends. Under its Vision 2030 initiative, the kingdom aims to invest over $500 billion in mega housing and urban development projects, thus driving demand for advanced machinery, said a report.
Saudi Arabia's heavy construction equipment market is poised for solid growth over the next few years with the market set to hit $3.5 billion by 2030, driven by the ongoing government initiatives and urbanisation trends. As the country continues to invest in mega projects, the demand for advanced machinery is set to rise, said a report.
Italian construction giant Webuild will exit a major contract on Saudi Arabia’s ambitious NEOM development after the client opted to terminate works on part of the Trojena mountain resort, highlighting ongoing adjustments within one of the world’s most closely watched infrastructure programmes.
Malaysia-based Eversendai Corporation said it has received a termination notice for its structural steel contract at the Trojena Ski Village project in Saudi Arabia, citing geopolitical developments in the Middle East.
Hyundai Engineering & Construction said a tunnel construction contract in NEOM awarded to a consortium led by the South Korean builder and Samsung C&T has been terminated, according to a regulatory filing.
Oxagon, the reimagined industrial city of NEOM, has signed a land lease agreement between NEOM and Abdullah Hashim Industrial Gases & Equipment Co (AHG) to develop a state-of-the-art industrial gases production and distribution facility in Oxagon’s Industrial Quarter.
The value of Saudi Giga projects contract awards has risen sharply to $196 billion this year, up 20% from 2024, underscoring the pace at which projects are moving into execution phase, said a Knight Frank report.
Global energy leaders, investors, and innovators in the hydrogen sector along with senior government officials will be at the inaugural Hydrogen Arabia Summit in Riyadh this December to drive the kingdom’s hydrogen economy by utilising global expertise and tieups.
