Abdul Mohsen Al Hokair Group for Tourism and Development has announced a significant contract related to NEOM, one of Saudi Arabia’s most ambitious mega-projects. The group secured a major agreement to provide accommodation and catering services for a residential complex at NEOM, further cementing its role in supporting the kingdom’s Vision 2030 initiative.
The contract, signed on August 22 with Alfa Facilities and Contracting Company, a subsidiary of the Alfanar Group, came after Al Hokair Group was awarded the project on January 22 earlier this year. Valued at over $202.5 million (SAR 760 million), the contract covers accommodation services for the residential complex over a seven-year period.
This long-term deal is expected to significantly impact the financial performance of Al Hokair Group, with revenue contributions starting in the first quarter of 2024. The project, initiated in April, involved key preparatory work such as site readiness, the appointment of qualified personnel, and the receipt of the initial payment.
The group’s involvement in NEOM, a visionary development that aims to reshape the region, aligns with the kingdom’s broader objectives to diversify its economy and promote sustainable growth. By providing essential services for NEOM’s workforce, Al Hokair Group is playing a crucial role in enabling this futuristic city’s construction and development.
