DUBAI: The first few tenants of OXAGON, the industrial city of Saudi Arabia’s NEOM, have been names including companies involved in high-technology activities.
The Kingdom recently announced the new industrial city with a focus on creating a “blue economy,” which entails the “sustainable use of marine resources to boost economic growth, improve livelihoods, create employment, and preserve the health of the oceanic system.
OXAGON will be home to global companies who share its vision for the economy and the environment, and five key initial tenants have been named.
Green hydrogen project
A tripartite venture among Air Products, ACWA Power, and NEOM is building what they call the largest green hydrogen project in the world.
Called the Helios Green Fuels, the project was said to cost at $5 billion, and is expected to start operations by 2026.
Modular building construction factory
The Gulf Modular International is establishing the “world’s largest and most advanced” modular building construction factory in the floating industrial city.
The $1 billion factory is expected to cover 1.4 million square kilometers of OXAGON, and will be capable of producing up to 12,500 modular units per year.
Hydrogen-powered vehicle plant
US-based Hyzon Motors confirmed its plans of setting up an assembly plant in the NEOM site, which is expected to build up to 10,000 hydrogen fuel cell-powered commercial vehicles per year.
The initiative is part of an agreement between Hyzon Motors, an expert in the supply of zero-emission hydrogen fuel cell-powered commercial vehicles, and Saudi conglomerate Modern Industrial Investment Holding Group.
Solar PV modules, cell factory
Desert Technologies is setting up the biggest photovoltaic (PV) modules and cell integrated factory in the region.
Hyper-scale data center
NEOM and Fas Energy are building what it describes as the largest data center in the region, with Oracle as its first tenant.