BAUER Group awarded first contract for NEOM project in Saudi Arabia

Jeddah, Saudi Arabia – Saudi BAUER Foundation Contractors Ltd., a BAUER Group company, was awarded a contract in August for the first specialist foundation engineering project for the newly planned city of NEOM in Saudi Arabia. This includes the installation of approximately 70 m deep large-diameter bored piles for the mega construction project THE LINE.

This first contract is part of a three-year framework agreement, within which further projects are expected for the BAUER Group. "We expect to carry out some more work for NEOM," says Michael Stomberg, CEO of BAUER Aktiengesellschaft.

When completed, THE LINE is expected to have a length of 170 km, accommodate nine million people and meet its needs entirely with renewable energy. An automated public transport network is also planned. THE LINE will thus become part of the NEOM megacity to be rebuilt near the Red Sea in northwestern Saudi Arabia. "We are proud that our foundation work will once again make a significant contribution to the construction of a megaproject that is receiving worldwide attention," says Michael Stomberg.

In addition, the BAUER Group has recently acquired further extensive construction contracts, including in Germany, in England and also in the Philippines. For example, following the successful completion of the Metro Manila North Avenue Station, BAUER Foundations Philippines Inc. was commissioned to carry out the cut-off wall work for two further stations. In total, the BAUER Group has thus received new projects with a total volume of around EUR 90 million in recent weeks. The order backlog in the Construction segment thus remains at a record level.

Christopher Wolf
Head of Group Communications & Marketing

Investor Relations