UK-based full-scale developer Gulf Development International (GDI) will construct one of the largest volumetric modular assembly plants in the world within Saudi Arabia’s megacity project NEOM.
According to the company statement, the $1 billion worth project would be built on 1.4 million square meters of land within the futuristic city.
The factory will be the first in NEOM to break ground and will employ nearly 2,200 people with a mix of skilled and high-tech jobs, with a focus on providing opportunities and training to Saudi citizens. When fully operational, the factory will be capable of producing up to 12,500 modular units per year.
“I am proud to welcome GDI to our global project, where we are building our communities with the most advanced technologies and modern methods of construction. This partnership touches on all of NEOM’s pillars: allowing us to build a community of exceptional livability, where innovative businesses like GDI can thrive while reinventing the industry.”
Mr. George Creel, CEO at GDI, has described the new Giga factory as “an efficient ecological marvel.” The firm will use the facility to develop its new volumetric modular system to support building housing for tens of thousands of people and dozens of hotels for NEOM, a cornerstone of Vision 2030.
The goal is to build modules that may be used to support other Giga projects and efforts in Saudi Arabia, as well as to export them throughout the region. The production will commence in late 2022.
“GDI has arranged the private sector financing for this transaction, which speaks to the strength of the sound economic fundamentals of NEOM, and this venture specifically. Over the next three years, GDI expects NEOM’s demand for the factory output to quadruple, which will position GDI to attract further foreign direct investment to meet intense demand,” added Mr. Creel.