Alfanar Projects (formerly Alfanar construction) has announced plans to inject nearly SR10 billion ($2.7 billion) for the development of five residential communities in NEOM, a mega project under construction in Saudi Arabia, Trade Arabia reported.
A leading global project developer and provider of engineering, construction and technology solutions with roots in Saudi Arabia, Alfanar said its scope of work includes development, construction and operation of these residential communities within the Saudi futuristic city.
This Alfanar announcement comes following a string of agreements inked by NEOM with investors for the first phase of its residential communities’ expansion as well as a social infrastructure project that will house the region’s growing workforce.
According to NEOM, these agreements are worth SR21 billion ($5.6 billion), thus making it one of the largest international public-private-partnerships (PPPs) for accommodation.
On completion, these housing communities will be able to accommodate more than 50,000 residents.
A major highlight of Alfanar’s involvement in the project is the sustainability element – All the homes within the five communities will be built using sustainable modular construction methods.
The Saudi project developer said the communities will leverage advanced building and maintenance technologies to increase sustainability and livability, including computerized waste management facilities, wastewater reuse solutions, and captive solar power generation facilities.
Alfanar is a major player in green fuels, with ambitious renewable energy projects in Saudi Arabia, the UK, Spain and India, and is one of the major manufacturers of wind turbines in Asia.