NEOM awards two contracts for transportation project for The Line

NEOM has awarded two contracts to construct two tunnels dedicated to high-speed transportation and freight services as part of “The Line project.” (NEOM)
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Updated 19 June 2022
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NEOM awards two contracts for transportation project for The Line

  • Two joint venture groups will undertake the project, which is separated by lower and upper geographies
  • The tunnels will make the movement of people and goods faster, safer, and easier

RIYADH: Saudi Arabia’s $500-billion giga-project, NEOM, has awarded two contracts to a group of companies to construct two tunnels with a length of 28km dedicated to high-speed transportation and freight services as part of the smart linear city “The Line.”

Two joint venture groups will undertake the transportation project, which is separated by lower and upper geographies.

The first contract has been awarded to FCC Construction SA/China State Construction Engineering Corporation/Shibh Al-Jazira Contracting Company Joint Venture (FCC/CSCEC/SAJCO JV), and the second to Samsung C&T Corporation /Hyundai Engineering and Construction Co. Ltd/Saudi Archirodon Company Ltd Joint Venture (SHAJV).

The tunnels will make the movement of people and goods faster, safer, and easier.

The rock excavated as part of the tunneling project will be processed for subsequent reuse within the permanent concrete lining of the tunnels and other projects within NEOM to ensure minimal impact to natural landscapes.

Commenting on the contracts, Nadhmi Al-Nasr, CEO of NEOM, said: “Today marks yet another significant milestone for NEOM. The sheer scope and scale of the tunneling work to be undertaken highlights the complexity and ambition of the project.”

“We are moving forward to achieve NEOM’s vision of the new future, which has been established by the Chairman of the NEOM Company Board of Directors, Crown Prince Mohammed bin Salman.

“At NEOM, we are inspiring a new way of living, making seamless mobility possible, reducing emissions and protecting our environment. We are not only making a giant leap for Saudi Arabia, but we are also establishing a model for sustainable living around the world,” Al-Nasr added.


Saudi stock market opens its doors to foreign investors

Updated 06 January 2026
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Saudi stock market opens its doors to foreign investors

RIYADH: Foreigners will be able to invest directly in Saudi Arabia’s stock market from Feb. 1, the Kingdom’s Capital Market Authority has announced.

The CMA’s board has approved a regulatory change which will mean the capital market, across all its segments, will be accessible to investors from around the world for direct participation.

According to a statement, the approved amendments aim to expand and diversify the base of those permitted to invest in the Main Market, thereby supporting investment inflows and enhancing market liquidity.

International investors' ownership in the capital market exceeded SR590 billion ($157.32 billion) by the end of the third quarter of 2025, while international investments in the main market reached approximately SR519 billion during the same period — an annual rise of 4 percent.

“The approved amendments eliminated the concept of the Qualified Foreign Investor in the Main Market, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements,” said the CMA, adding: “It also eliminated the regulatory framework governing swap agreements, which were used as an option to enable non-resident foreign investors to obtain economic benefits only from listed securities, and the allowance of direct investment in shares listed on the Main Market.”

In July, the CMA approved measures to simplify the procedures for opening and operating investment accounts for certain categories of investors. These included natural foreign investors residing in one of the Gulf Cooperation Council countries, as well as those who had previously resided in the Kingdom or in any GCC country. 

This step represented an interim phase leading up to the decision announced today, with the aim of increasing confidence among participants in the Main Market and supporting the local economy.

Saudi Arabia, which ‌is more than halfway ‍through an economic plan ‍to reduce its dependence on oil, ‍has been trying to attract foreign investors, including by establishing exchange-traded funds with Asian partners in Japan and Hong Kong.