SIBS has been awarded a new contract to deliver an additional 1 300 apartments to a large-scale residential project in NEOM, a region in northwestern Saudi Arabia. SIBS is the sole supplier chosen for this project. This is the second order for SIBS to NEOM in less than 4 months. The order solidifies SIBS position in Saudi Arabia specifically but also globally as one of the world's leading industrial producers of apartment buildings. The first order of 2 174 apartments is already in production. An entire region being built from the ground up to include cognitive cities and destinations operating on 100% renewable energy, NEOM is one of the world's largest urban developments.
SIBS has just signed a Design and Build Contract. It includes the design, production, logistics, assembly, and finalization of 1 300 apartments spread across 22 buildings, totaling approximately 100 000m2 GFA. The sale is attributed to SIBS business segment Industrial Sales, and delivery is in the form of Project Sales, where we will deliver turn-key buildings from a finalized bottom slab upwards. The entire project will be commissioned and delivered by Q4 2024.
The buildings consist of one- and two-bedroom high-standard apartments equipped with designed kitchens, exclusive bathrooms, and balconies to each apartment. Solar panels on the roofs and low-energy building materials, together with our modular building system which ensure 90% completion ahead of delivery to the construction site, make the buildings highly energy efficient. The buildings are adapted in detail to comply with NEOM's stringent regulations and are designed for future relocation if needed elsewhere as the development of NEOM progresses throughout other parts of the region.
"We are very proud to once again have been awarded a contract of this magnitude and to have received all orders of high-quality apartments of permanent standard that NEOM has awarded so far. We have already initiated the production of over 2 000 apartments in NEOM, and this new contract demonstrates our capacity to handle extensive and complex deliveries. It’s clear that our offering is appreciated in the market, and this is another confirmation that we possess the competence and delivery strengths that few others can match. We look forward to our continued delivery of high-quality houses to NEOM, a revolutionary urban development we truly believe in," says Erik Thomaeus, CEO of SIBS.
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate, and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
Read more at neom.com.
For more information, please contact:
Erik Thomaeus CEO, SIBS AB
email@example.com +46 70-755 78 98
David Österström COO, SIBS AB
firstname.lastname@example.org +46 70-573 55 10
This information is the kind of inside information that SIBS AB (publ) is obliged to make public in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the contact people above, at 10am CET on 29 September 2023.
SIBS AB was founded in 2016 and is today one of the world's leading modular home manufacturers. With a scalable capacity of up to around 6 000 homes per year, we deliver sustainable, high-quality homes adapted to local conditions. SIBS has the entire integrated value chain for industrial construction within the group - from design and configuration in its own building system, industrial production in its own factories and onsite assembly/finalization. With the help of digitalization and technology, we set a new standard in the construction industry. SIBS bond is listed on Nasdaq Stockholm. Read more at www.sibs.se.