Saudi Arabia’s Neom project developers to be financially compensated for coronavirus impact

An illustration of Neom, which will be built in Saudi Arabia. (Neom.com)

RIYADH: Real estate owners that are involved in Saudi Arabia’s Neom project will be financially compensated by the National Program for Community Development, Saudi Press Agency (SPA) reported on Friday.
The program, also known as “Tanmia” in Arabic, will compensate owners in Sharma, Qayal, Al-Khuraibah, Al-Asilah, Al-Sur, Bir Fahman.
The announcement comes after the program said it was halting inventory work in April and compensation would be paid in record time, and before the period specified in the program’s planned schedule.
“This is to ensure that recipients are compensated in successive installments as soon as possible,” the program said in a statement on SPA.
The program said it took into account all field work implemented and the instructions issued by the Ministry of Health to prevent the spread of the coronavirus, and took all precautions to ensure the safety and health of the citizens and workers in the program.
It also said it will provide additional financial subsidies to the residents of centers of the first stage of Neom, in addition to a set of social and economic packages that will contribute to improving their standard of living.
“This is in accordance with development plans, and in coordination with the relevant government agencies, and the packages will be announced at a later stage,” the statement added.