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Coronavirus: Real estate developers involved in KSA’s Neom project to be financially compensated

Saudi Arabia’s National Program for Community Development makes announcement after halting inventory work at site in April

Real estate developers that are involved in Saudi Arabia’s Neom project will be financially compensated by the National Program for Community Development; it has been announced.

According to a report by Saudi Press Agency, the programme – also known as ‘Tanmia’ in Arabic’ – will compensate owners in Sharma, Qayal, Al-Khuraibah, Al-Asilah, Al-Sur and Bir Fahman. The announcement comes after the programme said that it was halting inventory work in April and that 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 instalments as soon as possible,” the SPA report said.

The Program will take into account all field work implemented and the instructions issued by the Ministry of Health to prevent the spread of the Coronavirus. It added that all precautions have been taken to ensure the safety and health of citizens and workers in the program.

It added that it will provide financial subsidies to the residents of centres of the first stage of Neom, in addition to a set of social and economic packages that will contribute towards 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 concluded.

 

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