NEOM signs a credit facility agreement worth 10 billion riyals

NEOM announced the signing of a credit facility agreement worth 10 billion Saudi 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.

This credit facility is based on a Murabaha structure, and aims to support the progress of work in the main projects represented by “The Line”, “Oxagon”, “Trogena” and “Sindala”.

Engineer Nazmi Al-Nasr, CEO of NEOM, said: “The credit facilities, which are supported by a group of leading financial institutions in the Kingdom, are integrated with our comprehensive financing strategy, by dealing with a variety of financial sources to support our pioneering infrastructure projects, and in line with the objectives.” “Economic vision of the Kingdom 2030, and we appreciate the support of NEOM’s banking partners for providing a variety of financing options that support the completion of this project, which is one of the largest projects in the world.”

The new financing agreement attracted widespread interest from major financial institutions in the Kingdom, as 9 banks participated in it, led by: the National Bank of Saudi Arabia, Riyad Bank, and First Saudi Bank. Participation of banks: Al Rajhi Banking and Investment Company

Alinma Bank, Arab National Bank, Albilad Bank, Saudi Investment Bank, and Al Jazira Bank.

It is worth noting that NEOM and its partners signed a financing agreement earlier in the year 2023 worth 23 billion riyals with the aim of establishing the “NEOM Green Hydrogen” company. NEOM also signed an agreement worth 3 billion Saudi riyals to finance part of the Sindala Island development project and prepare it to receive visitors this year.