Alfanar Global Development, a subsidiary of Alfanar Group, will invest SR10 billion in developing and operating temporary residential communities in NEOM. This project, part of a record SR21 billion public-private partnership (PPP) for social infrastructure, aims to accommodate the growing workforce in NEOM, including Oxagon, a hub for advanced and clean industries. The initiative supports NEOM’s rapid transformation by constructing and managing five communities across the northwestern region of Saudi Arabia.

After securing financing from Riyad Bank, SAB, and Alinma Bank, Alfanar has made significant progress in mobilizing and executing the project. Once completed, the five residential communities will cover a total area of four million square meters and accommodate 50,000 occupants.

The communities will offer various lifestyle services and facilities, including housekeeping and multi-purpose sports fields, to provide a comfortable living experience. Alfanar will prioritize sustainability through advanced building technologies, computerized waste management facilities, wastewater reuse solutions, and captive solar power generation.

Sabah Al Mutlaq, Vice Chairman of Alfanar, expressed excitement about contributing to NEOM’s transformation and delivering solutions that redefine smart communities. Alfanar’s dedicated engineering teams bring extensive experience to ensure quality, safety, and compliance with community requirements.

As the largest single investor in the PPP, Alfanar, along with its partners, is committed to shaping the future of urban living and fostering economic growth. The project is expected to create significant employment opportunities and contribute to the development of local economies in the region.