Saudi Arabia’s economic development giga project Neom is investing in a Danish construction robotics start-up, GMT Robotics, in a bid to use more robotics in its building projects.
The size of the stake taken by the Neom Investment Fund was not disclosed.
Based in Copenhagen, GMT Robotics has been developing robotic rebar cage assembly and handling systems since its founding in 2020.
Neom said GMT Robotics’ offsite prefabrication systems can cut onsite workforce requirements by 90%.
“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,” said GMT chief executive Ulrich Deichmann.
Neom cited one forecast projecting that the value of the global construction robotics market would grow from $168m in 2022 to $775m by 2032.
Majid Mufti, chief executive of the Neom Investment Fund, said: “By localising 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.
- Subscribe here to get stories about construction around the world in your inbox three times a week
Further reading:
