Riyadh awards contracts to build palaces in huge business zone: Report

2/9/2018 9:27:00 PM
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Tehran (KNA) - Saudi Arabia has reportedly begun to award contracts for the construction of five palaces for members of the royal family in a huge business zone in the northwest of the country amid a so-called anti-corruption campaign.


At an international conference last October, Saudi Crown Prince Mohammed bin Salman unveiled plans to build a new city and business zone, known as NEOM and dubbed a city of the future, which officials say will be backed up by more than $500 billion in investment, Reuter reported.

Speaking on condition of anonymity, the sources said that the palaces for the king, crown prince and other senior royals, to be located on the Red Sea coast about 150 kilometers west of the city of Tabuk, are among the first contracts awarded for the mega city.

The construction giant Saudi Binladin Group has been mandated to build one of the palaces after some of its owners were targeted in bin Salman’s so-called anti-corruption purge, the sources said.

They said that banks have started offering financing facilities to builders of the palaces, but said they could not confirm the cost of the buildings.

Source: Press TV

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