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July 24, 2024
RIYADH: NEOM projects are set to receive cement worth SR104 million ($27.7 million) as Saudi Arabia’s Al Jouf Cement Co. partners with Italy’s Webuild SpA.
The Saudi company has officially entered into an agreement with Webuild SpA, in a deal that involves the sale of cement for various developments.
In a statement released on Tadawul, Al Jouf detailed that the duration of the contract is 41 months from the date of signing and is subject to increased quantities.
The company expects this agreement to have a positive impact on its financial statements starting from the third quarter of this year and continuing through the end of the contract period.
The Kingdom’s $500 billion giga-project is at the northern tip of the Red Sea, east of Egypt across the Gulf of Aqaba and south of Jordan.
NEOM is set to host several projects, including The Line, which is a mirrored structure that stretches 170 kilometers, 500 meters above the sea and 200 meters wide.
Trojena is also part of NEOM’s regional plan, situated 50 kilometers from the Gulf of Aqaba coast. The mountainous area spans nearly 60 sq. kilometers and features elevations ranging from 1,500 to 2,600 meters.
Earlier in May, NEOM announced that it will build a new marina and community also on the Gulf of Aqaba called Jaumur.
The destination will be an exclusive residential community planned around a marina promenade for more than 6,000 residents, and will include 500 marina apartments and around 700 luxury villas.
Earlier this month, NEOM and American hospitality firm Equinox Hotels announced plans to open a resort on the coast of the Gulf of Aqaba as part of the recently unveiled Magna development.
The luxury destination will feature 12 locations along 120 kilometers of coastline, and will include 15 hotels, 1,600 rooms, and over 2,500 residences.
Emirates Steel, part of Emirates Steel Arkan Group, one of the largest publicly traded steel and building materials manufacturers in the region, also partnered with Eversendai, a global powerhouse in steel construction, earlier this month to build the NEOM Trojena Ski Village.