The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristi

Neom ‘uses one fifth of world’s steel’

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2024-10-19 09:30:03

The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday.

The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer.

She told the Global Logistics Forum in the King Abdullah Financial District in Riyadh that the $500 billion project would be one of the world’s leading drivers of the global logistics sector in coming years.

“Neom is going to be the largest customer over the next decade. If you look at our demand in logistics it’s 5 percent of the global logistics market,” she told the forum, in rare public comments.

Neom’s demand for steel meant “we are 20 percent of the global steel market. If you look at our demand in elevators, cement and so on … put simply, Neom is going to be the largest customer over the next few decades,” Al Moneef said.

Neom, located in the far northwest of Saudi Arabia, is the jewel in the crown of Saudi Arabia’s economic development projects, which have been valued at more than $1.25 trillion.