NEOM obtains finance worth $3 billion from global institutions and 10 billion riyals in local facilities

A survey conducted by (Mal) revealed that “NEOM” signed credit facility agreements during 2024 and the beginning of this year to support projects, which included: financing worth $3 billion from 9 global financial institutions, and it also obtained credit facilities worth 10 billion riyals with the participation of 9 Saudi banks.

On April 28, 2024, (NEOM) announced the signing of a credit facility agreement worth 10 billion riyals, which will be used to meet (NEOM’s) short-term financing requirements, at a time when its main projects are witnessing remarkable progress and acceleration in development work.

9 banks participated in the agreement, including: the National Commercial Bank of Saudi Arabia, Riyadh Bank, and the Saudi First Bank, in addition to Al Rajhi Banking and Investment Corporation, Alinma Bank, Arab National Bank, Albilad Bank, Saudi Investment Bank, and Aljazira Bank.

On the international level, NEOM announced on January 27 that it had successfully completed a qualitative financing deal through the Italian Export Credit Agency SACE, obtaining approximately $3 billion in flexible long-term financing facilities in multiple currencies. Through this step, NEOM aims to support development operations in its various projects and destinations. This deal is supported by an alliance of 9 prominent global financial institutions, namely: HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Credit Agricole CIB Arab Financial Company, Agricultural Bank of China, Citi, China Construction Bank, JP Morgan, and Bank of America. NEOM and its partners signed a financing agreement during 2023 worth 23 billion Saudi riyals to establish the “NEOM Green Hydrogen Company”, and NEOM also signed an agreement worth 3 billion Saudi riyals to finance part of the Sindalah Island development project and prepare it to receive visitors this year.