NEOM: NEOM, a futuristic sustainable region in northwest Saudi Arabia, announced a significant investment agreement with GMT Robotics, a Copenhagen-based leader in advanced construction technology. The collaboration, led by the NEOM Investment Fund (NIF), aims to integrate automated robotic technology into NEOM’s large-scale construction projects, enhancing efficiency and sustainability.
According to Saudi Press Agency, the NEOM Investment Fund’s CEO, Majid Mufti, emphasized the strategic importance of this investment, noting that it aligns with NEOM’s goal to foster transformative technologies that support sustainable development and industrial innovation. Mufti highlighted the potential for creating high-skilled jobs and establishing NEOM as a global innovation hub through such partnerships.
Bandar Ashrour, the Sector Head of Design and Construction at NEOM, remarked on the collaboration’s significance, pointing out GMT Robotics’ expertise in using robotic technology for construction. The partnership is e
xpected to bring substantial improvements in efficiency and consistency, aligning with NEOM’s sustainability goals.
GMT Robotics, recognized for its specialized robotic technology in the rebar market, offers systems that enhance efficiency and safety by reducing onsite workforce needs by up to 90% through prefabrication. The collaboration will see these technologies localized, with rebar cages produced in NEOM-based factories and opportunities created for Saudi engineers in robotics.
The global construction robotics market, valued at $168.2 million in 2022, is projected to grow to $774.6 million by 2032. This partnership positions NEOM to capitalize on the extensive benefits of construction robotics, including improved task efficiency, reduced costs, and enhanced safety.
This venture is a significant addition to NIF’s portfolio of strategic investments, underscoring its dedication to supporting NEOM’s economic growth and technological advancement by fostering innovative technologies and creating new busine
ss opportunities.