NEOM to set up $187m concrete factory to support THE LINE project

Nadhmi Al-Nasr, NEOM CEO, is among those marking the agreement for the new concrete factory. NEOM
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Updated 08 October 2024
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NEOM to set up $187m concrete factory to support THE LINE project

  • NEOM has partnered with Asas Al-Mohileb to develop and operate this facility
  • Multi-plant factory will have the capacity to produce over 20,000 cubic meters of green concrete daily

RIYADH: Saudi Arabia’s upcoming linear city project THE LINE is set to benefit from a new ready-mix concrete factory valued at SR700 million ($186.7 million). 

NEOM has partnered with Asas Al-Mohileb to develop and operate this facility, which will focus on producing sustainable concrete primarily for the construction of the smart city, which is designed to accommodate 9 million residents within a compact 34 sq. km footprint. 

The multi-plant factory will have the capacity to produce over 20,000 cubic meters of green concrete daily. 

Scheduled to begin operations in November, the facility aims to reach peak production by 2025 and is projected to create over 500 local jobs, contributing to the region’s economic growth. 

THE LINE, extending 170 km from the mountains of NEOM to the Red Sea, features a mirrored structure rising 500 meters above sea level while spanning just 200 meters in width. This innovative design underscores NEOM’s ambition to redefine urban living. 

Nadhmi Al-Nasr, NEOM CEO, said: “The delivery of these concrete plants is another testament to the rapid progress happening at NEOM. It also underscores the strength of the Kingdom’s construction industry, and the critical role local partnerships play in delivering this transformational project efficiently and sustainably.” 

The $500 billion giga-project NEOM, a key component of Saudi Arabia’s Vision 2030, aims to diversify the economy beyond oil by establishing a sustainable, tech-driven region in the country’s northwest.

Key initiatives include developing renewable energy, smart cities like THE LINE, and advanced industries while attracting global investors and fostering innovation in sectors such as biotech, robotics, and mobility. 

“This partnership emphasizes our firm commitment to advancing economic growth in the Kingdom by employing the latest technologies and innovative construction solutions,” said Sulaiman Al-Mohileb, CEO of Al-Mohileb.  

He noted that this initiative aligns with Vision 2030’s goals to strengthen the manufacturing sector and drive national development. 

The advanced concrete facility will integrate carbon capture and utilization technology and other energy-saving measures. 

Most of its output will support the construction of THE LINE, where concrete is essential for both substructure and superstructure elements. 

As construction progresses, the facility is poised to play a crucial role, with nearly 1,000 of the planned 30,000 foundation piles alrady completed.


Closing Bell: Saudi main index closes in red at 10,947 

Updated 19 February 2026
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Closing Bell: Saudi main index closes in red at 10,947 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25. 

The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated. 

The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71. 

The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated. 

The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34. 

Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51. 

On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39. 

National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50. 

On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co. 

In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.  

Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.  

Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.  

The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said. 

The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.