NEOM’s Construction Workforce Set to Exceed 200,000 Amidst Major Project Developments
The construction workforce in NEOM is expected to reach over 200,000 by next year as it prepares to introduce 60,000 new jobs due to ongoing major projects.
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At a two-day industry forum, NEOM highlighted these developments, involving over 100 leading global construction firms. This event showcased tangible progress in construction and ushered in the next phase of a broad range of projects.
As the projects advance into a new execution phase, there is a critical demand for high-caliber construction expertise to execute some of the most audacious development initiatives the world has seen.
This includes projects like THE LINE, which is being constructed in stages, with the first phase set to open its doors to residents in 2030.
Key Developments and Future Plans
Significant progress was displayed at several key sites, including THE LINE, The Spine, Oxagon, Trojena, and the International Airport.
The forum opened with remarks from Nadhmi Al-Nasr, CEO of NEOM, who highlighted the vast opportunities available as the project enters its most active phase and stressed the commitment to work with world-renowned contractors to fulfill NEOM’s vision.
Attendees also visited construction sites to observe the extensive work already underway, rarely seen on such a scale elsewhere in the world. The forum facilitated discussions on specific business opportunities, with contractors presenting their services and capabilities.
It featured a diverse group of firms from Saudi Arabia, alongside international firms from Asia, Europe, North America, and North Africa. Currently, NEOM employs a construction workforce exceeding 140,000, set to increase significantly with the forum’s collaborative efforts.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
