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Neom is seeking fresh hires: Recruitment remains at full speed at Neom, with some 246 job openings, its website showed. The openings range from typical contractor jobs related to the ongoing construction of the USD 500 bn development to marketing positions to promote the city in Europe and elsewhere.
Background: The hiring spree comes as Neom embarked on a drive to assure contractors and bankers that the buildout of the city was proceeding on schedule after reports of the government scaling back the project. Neom also recently came off the road in China with officials looking to rally interest from Hong Kong, Beijing, and Shanghai. It is looking to diversify its funding sources away from PIF, which has poured most of the funding into the project in the form of equity. Last month, Neom secured a fresh revolving credit facility worth SAR 10 bn from local banks to help it meet short-term financing needs. It is reportedly planning a SAR-denominated bond sale in what could be its first-ever sukuk sale.
The pitch: Economy and Planning Minister Faisal Alibrahim said last month that gigaprojects like Neom will be delivered at their intended scale in a way that satisfies the market and investors and ensures optimal economic growth for the Kingdom. However, he stressed that the government is being cautious not to “overheat” the economy to fund the projects.
