Neom Fund Signs Agreement with European Company to Invest in Advanced Construction Robotics
The Neom Investment Fund, the strategic investment arm of Saudi Arabia’s Neom city, has signed a partnership agreement with GMT Robotics, a leading European company specializing in advanced construction technologies.
The agreement aims to accelerate the implementation of major projects in Neom through the use of advanced robotics in construction, reinforcing Neom’s vision as a global hub for innovation and a driving force in modern construction technologies.
This partnership adds to the series of investments made by the Neom Fund since its inception, reflecting its central role in supporting the various sector strategies within Neom, enabling new technologies, establishing companies that support the local economy, and creating new job opportunities.
In a statement, the CEO of the Neom Investment Fund, Majid Mufti, said: “This investment reflects our firm commitment to developing innovative technologies that will accelerate the progress of future industries.
By localizing these technologies, we contribute to sustainable development, expand the base of high-skill jobs, and support the growth of promising commercial sectors.”
The Neom Design and Construction Sector will oversee the partnership and work to implement the latest technologies of the Fourth Industrial Revolution in Neom’s ongoing and future construction projects.
This partnership is expected to play a pivotal role in localizing this technology within Saudi Arabia, with the production of reinforcing steel cages taking place in local factories within Neom.
Furthermore, it will pave the way for Saudi engineers to benefit more from robotics in other construction applications.
The use of robotics in the construction sector is expected to achieve several key objectives, including increased efficiency, reduced operational costs, improved health and safety, and enhanced design flexibility.
It is worth noting that the global construction robotics market was valued at $168.2 million in 2022 and is projected to reach $774.6 million by 2032, reflecting a growth of over 360% in the market size over the next 10 years.
