NEOM, a futuristic ambitious project, has unveiled Hidden Marina in the first phase of groundbreaking development. The announcement was made by the Chief Development Officer, Denis Hickey, at the PIF Private Sector Forum in Riyadh.
Hidden Marina standing at 2.5 kilometers in length, and soaring 500 metres high, will be built in 800-metre sections and will feature three interconnected modules. The futuristic vertical city is expected to house over 200,000 residents with a built-up area extending 21 square meters, significantly surpassing global benchmarks such as the Burj Khalifa (350,000 square meters).
The development will include 80,000 plus residential units, 9000 hotel rooms, commercial and retail spaces, fire stations, schools, and security services, a massive workforce, and investment. Over 140,000 workers are engaged in the construction of the futuristic city. This also includes 5000 workers working directly on the project.
The workforce represents over 100 countries, with 40% of local Saudi talent contributing to the project. NEOM has already invested $140 billion in infrastructure development, ensuring essential services such as energy, water, transport, and data connectivity are in place to support the city.
NEOM’s investment framework includes the NEOM Investment Fund (focused on strategic sectoral investments) and the NEOM Investment Office (facilitating real estate partnerships).
Read more: NEOM Secures $2.7 Billion Financing for Development Projects
Last year, Saudi Arabia secured a significant financing agreement amounting to $2.7 billion, marking a crucial milestone in its journey toward realizing major infrastructure projects. The new revolving credit facility (RCF) is set to support NEOM’s short-term financing needs as it progresses with key initiatives within the megaproject.
The financing agreement came amidst NEOM’s strategic efforts to diversify its funding sources and accelerate the development of transformative infrastructure assets. CEO Nadhmi Al-Nasr emphasized the importance of this new credit facility, which reflects the commitment of Saudi Arabia’s leading financial institutions to support NEOM’s ambitious vision.
Saudi Arabia’s Vision 2030 plan remains dynamic, with ongoing adjustments to align with evolving economic realities. Finance Minister Mohammed Al Jadaan emphasized the kingdom’s commitment to quality economic growth, highlighting the necessity of flexibility in navigating challenges and recalibrating project priorities as needed.