Saudi Arabia’s NEOM appoints 3 global partners to complete 1st phase of The Line

NEOM has announced the appointment of world-leading partners to deliver the core city planning, design and engineering for the first phase of THE LINE. NEOM
Short Url
Updated 11 November 2024
Follow

Saudi Arabia’s NEOM appoints 3 global partners to complete 1st phase of The Line

  • The Line, which stretches across 170 km, is expected to accommodate 9 million visitors upon completion
  • The city will run on 100% renewable energy, and 95% of the land will be preserved for nature

RIYADH: Saudi Arabia’s $500-billion megacity NEOM has appointed Delugan Meissl Associated Architects, Gensler, and Mott MacDonald to deliver the planning, designing, and engineering for the initial phase of The Line. 

In a press statement, the giga-project revealed that DMAA has been enlisted as the urban designer, leading The Line’s concept and detailed blueprint. 

The Austrian architecture firm will also collaborate with specialists across various sectors, such as microclimate and ecology, mobility and logistics, and sustainability. 

To reduce the country’s dependence on crude revenues, developing giga-projects like NEOM is crucial for Saudi Arabia, as the Kingdom is steadily diversifying its economy by strengthening sectors like tourism. 

The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

The Line, which stretches across 170 km, is expected to accommodate 9 million visitors upon completion. The city will run on 100 percent renewable energy, and 95 percent of the land will be preserved for nature. 

“As development and construction of The Line progresses, we have established a unique partnership that brings world-leading city design and engineering expertise to deliver phase one,” said Denis Hickey, chief development officer at The Line. 

He added: “Collaboration is at the core of this, with a city-wide best practice group that will showcase how innovation can change the way we consider, design and build cities forever. This reflects NEOM’s vision and global ambition.” 

According to the press statement, design firm Gensler has been appointed city planning consultant for phase one. The company will work on design coordination and planning, providing leadership and governance across the project in crucial areas, including planning policies and frameworks, land use, and design compliance. 

Gensler has also been appointed as the city asset design architect for critical infrastructure, including transport hubs and the public realm.

NEOM added that Mott MacDonald has been enlisted as the city infrastructure engineer. The company will drive management and control of vertical and horizontal structures and city utility systems for phase one. 

Mott MacDonald’s role will also focus on the efficiency and sustainability of the design for a functional, constructible, and operable city.

In October, NEOM announced the opening of Sindalah, the luxury island destination located within the project. 

NEOM added that Sindalah will welcome up to 2,400 people per day by 2028 and create 3,500 jobs, which will help to strengthen the ongoing development of the Kingdom’s hospitality and tourism industries. 


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
Follow

Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.