NEOM Invests $10 Million in GMT Robotics to Revolutionize Construction Technology
NEOM, the ambitious sustainable region in northwest Saudi Arabia, has signed a significant investment agreement with GMT Robotics, a leading innovator in advanced construction technology from Europe. This landmark deal aims to accelerate NEOM's capital project program through the adoption of cutting-edge construction robotics.
Under the terms of the agreement, NEOM Investment Fund, the strategic investment arm of NEOM, will provide $10 million in funding to GMT Robotics. The investment will support the deployment of GMT Robotics' robotic technology tailored specifically to the rebar market across NEOM's projects.
GT Robotics offers innovative robotic rebar cage assembly and handling systems that significantly enhance efficiency, consistency, and sustainability in construction sites. These systems reduce onsite workforce requirements by up to 90% through offsite prefabrication, resulting in increased productivity and improved workplace safety.
The partnership between NEOM and GMT Robotics is aimed at localizing the technology and supporting the growth of Saudi engineers' expertise in using robotics in other construction applications. The collaboration will also establish a new manufacturing hub in NEOM-based factories to produce rebar cages, further increasing the region's competitiveness.
"This investment embodies our commitment to driving transformative technologies that will unlock next-generation industries," said Majid Mufti, CEO of NEOM Investment Fund. "By partnering with innovators like GMT Robotics, we aim to establish NEOM as a global hub for innovation and sustainable development."
Bandar Ashrour, Sector Head, Design & Construction at NEOM, noted that the partnership will enable the construction technology sector to align with NEOM's ambitions and vision. "We look forward to a dynamic collaboration that paves the way for safer and more sustainable next-generation NEOM-built assets," he added.
The global construction robotics market is expected to grow significantly in the coming years, driven by increasing demand for efficient, safe, and sustainable construction solutions. This partnership with GMT Robotics represents a major step forward for NEOM's sector strategy and its role as an innovator in modern construction techniques.
With over 25 million square kilometers of development planned for the region, NEOM is poised to become one of the fastest-growing regions on earth in the coming decades. The partnership with GMT Robotics marks a significant milestone in this endeavor, positioning NEOM for success in leveraging technological advancements to drive sustainable development and economic growth.