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NEOM Agrees to $1B Giga-Factory with Gulf Development International Ltd

PRESS RELEASE FROM GULF DEVELOPMENT INTERNATIONAL
Jun 02, 2021

Gulf Development International Ltd (GDI) is heading to NEOM, Saudi Arabia to build one of the largest volumetric modular assembly plants in the world, CEO George Creel announced on Wednesday. Planning is underway on building the 1.4M square meter site.

The factory will be the first in NEOM to break ground and will employ nearly 2,200 people with a mix of skilled and high-tech jobs, focusing on developing opportunities and training for Saudi citizens. When fully operational, the factory will be capable of producing up to 12,500 modular units per year.

“I am proud to welcome GDI to our global project, where we are building our communities with the most advanced technologies and modern methods of construction. This partnership touches on all of NEOM’s pillars: allowing us to build a community of exceptional livability, where innovative businesses like GDI can thrive while reinventing industry,” said Nadhmi Al-Nasr, the CEO of NEOM.

Creel described the new Giga-factory as "an efficient ecological marvel." The company will use the site to build its new volumetric modular system to support building housing for tens of thousands of people and dozens of hotels for NEOM, a cornerstone of Vision 2030. The objective is to also produce modules to support other Giga projects and initiatives in Saudi Arabia and export throughout the region. Production will begin in late 2022.

Additionally, GDI has established Gulf Modular Industry Company (GMI), a licensed Saudi entity that will operate the factory. “GDI has arranged the private sector financing for this transaction, which speaks to the strength of the sound economic fundamentals of NEOM, and this venture specifically,” stated Creel. Over the next three years, GDI expects NEOM’s demand for the factory output to quadruple, which will position GDI to attract further foreign direct investment to meet intense demand. 

About Gulf Development International Ltd (GDI). GDI is UK-based full-scale developer www.gulfdevelopmentinternational.com. Gulf Modular Industry Company (GMI), dba Gulf Modular International, is a Kingdom of Saudi Arabia entity established by GDI to operate the factory. For more information regarding GMI’s modular capabilities, visit www.gulfmodular.com.

DLA Piper provided GDI with legal assistance on the factory project.

GDI Press Contact: Tom Berwanger [email protected] +1 309 256-5953