NEOM secures SAR 10 billion financing facility

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

NEOM yesterday announced it has secured a new revolving credit facility (RCF) worth SAR 10 billion.

It represents another milestone for NEOM as it progresses with the development of major projects and will be used to support NEOM’s short-term financing requirements.

 The RCF, which follows a Murabaha structure, reflects a continuation of NEOM’s strategy to diversify its sources of funding.

 Nadhmi Al-Nasr, CEO, NEOM, said: “As NEOM continues to gather pace, this new credit facility, backed by Saudi Arabia’s leading financial institutions, is a natural fit within our wider strategy for funding.

We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program.

NEOM is among the largest projects in the world today, and we value the partnership we have with our relationship banks in facilitating access to a range of flexible financing options as we deliver on our ambition.”

The new RCF follows on from the SAR 23 billion agreement signed by NEOM and their partners to finance the NEOM Green Hydrogen Company.

It also follows last year’s SAR 3 billion debt financing arranged to partially fund NEOM’s development of Sindalah, the luxury island destination set to welcome visitors this year.