NEOM, Saudi Arabia’s futuristic city, has announced a new partnership to harness advanced robotics in its construction projects.
According to a press release, NEOM, through its strategic investment arm, NEOM Investment Fund (NIF), signed a groundbreaking investment agreement with GMT Robotics, a prominent European innovator in cutting-edge construction technology.
Accelerating Construction Projects
The new investment aims to accelerate the execution of NEOM’s mega projects, through the utilization of construction robotics, while underscoring NEOM’s status as an innovator in modern construction techniques, including automation.
The partnership between NEOM and GMT Robotics adds to a series of investments by NIF, highlighting its role in strengthening NEOM’s sector strategy by enabling new technologies, establishing new businesses and creating more job opportunities to support NEOM’s growing economy.
Unlocking Future Industries
On this occasion, the CEO of NEOM Investment Fund, Majid Mufti, emphasized the significance of the new partnership. “Our investment in GMT Robotics reflects NEOM’s commitment to driving transformative technologies that will unlock next-generation industries,” he said.
“By localizing this advanced technology, we are laying the groundwork for sustainable development, high-skilled jobs and the growth of commercially viable sectors. It is through partnerships like these that NIF will turn visionary goals into reality and establish NEOM as a global hub for innovation,” he added.
NEOM’s Design and Construction Sector will supervise this partnership, ensuring the incorporation of the latest developments in Construction 4.0 across NEOM.
Robotics Localization
Moreover, the new investment will play a vital role in localizing robotic technology, with the production of rebar cages in NEOM-based factories. The partnership will also open new opportunities for Saudi engineers to capitalize on robotics in other construction applications.
In the light of this, the CEO of GMT, Ulrich Deichmann, said: “Having worked in the rebar industry in various forms for the past 30 years, it is very exciting to reach a point where the large-scale adoption of robotics and automation to improve the rebar process is happening.”
He added: “We share in NEOM’s ambition to rethink how construction is delivered and look forward to a highly successful partnership that will help revolutionize the construction industry.”
Flourishing Market
Leveraging robotics in the construction sector has great benefits, such as boosting efficiency, cutting operational costs, enhancing health and safety, and achieving greater design flexibility.
The global construction robotics market reached a value of $168.2mn in 2022. It is expected to reach $774.6mn by 2032, marking a 360% market growth in 10 years.
