13 Dec 2024
RIYADH: NEOM has signed a landmark investment agreement with GMT Robotics, one of Europe’s leading innovators in advanced construction technology, to accelerate the delivery of its capital projects, the Saudi Press Agency reported on Thursday.
The deal, spearheaded by the NEOM Investment Fund, seeks to integrate robotics in construction. This collaboration highlights NEOM’s role as a trailblazer in modern construction techniques, including automation and robotics.
GMT Robotics, based in Copenhagen, specializes in robotic systems designed for the rebar market. Its robotic rebar cage assembly and handling systems significantly improve both productivity and safety in construction.
By reducing onsite workforce requirements by up to 90 percent through offsite prefabrication, GMT Robotics enhances efficiency while maintaining high safety standards.
Majid Mufti, CEO of NEOM Investment Fund, commented: “Our investment in GMT Robotics reflects NEOM’s commitment to advancing transformative technologies that will unlock next-generation industries. By localizing these cutting-edge technologies, we are laying the foundation for sustainable development, creating high-skilled jobs, and fostering the growth of commercially viable sectors. Partnerships like this are critical to turning NEOM’s visionary goals into reality, solidifying its position as a global innovation hub.”
As part of the agreement, the technology will be localized within NEOM, with rebar cages to be produced in local factories. This initiative also opens up new opportunities for Saudi engineers to apply robotics to other areas of construction.
Bandar Ashrour, sector head of design and construction at NEOM, added: “Aligning construction technology startups with NEOM’s ambitious goals is essential to our strategy. GMT’s expertise in robotics offers unprecedented efficiency, consistency, and sustainability in construction. We look forward to a dynamic collaboration that will contribute to safer, more sustainable infrastructure and enhance the next generation of NEOM-built assets.”
This partnership is yet another milestone in NIF’s strategic investment efforts, which focus on supporting NEOM’s sector strategies by fostering innovative technologies, establishing new businesses, and creating jobs to drive economic growth in the region.
The global market for construction robotics, valued at $168.2 million in 2022, is projected to grow over 360 percent to reach $774.6 million by 2032.