Along the western coast of Saudi Arabia, swathes of desert meet the Red Sea. Here, in the province of Tabuk, excavation work has begun for The Line. The brainchild of Mohammed Bin Salman, the kingdom’s crown prince, The Line refers to a ‘vertical city’ that will be 170km long, 200m wide, and taller than the Empire State Building, encased in two mirrored walls and home to 9mn people – according to the plans at least.
The Line is gargantuan, grandiose and – to many eyes – entirely unworkable (the wider development, known as Neom, is also due to feature an all-year, outdoor ski centre). However, the building project will determine the future of an unlikely UK small cap that handles the more mundane side of fantasy: foundations.
Keller (KLR) is a geotechnical specialist contractor. This means it prepares the earth for construction projects by sorting out the soil, building foundations and stabilising the ground. In June last year, Keller revealed that it had been chosen to contribute to the Neom project. The first stage of work is expected to generate revenue of £45mn and, according to Keller’s management team, has “the potential to generate contract revenues in the hundreds of millions of pounds in future years”.