• NEOM, a Saudi Arabia-based unit of the kingdom’s sovereign wealth fund, secures a new revolving credit facility (RCF) worth $2.67 billion (10 billion riyals) from local lenders.
• This financing follows previous agreements to fund the NEOM Green Hydrogen Company and the development of Sindalah, a luxury island destination.
• Lead arrangers for the new facility include Saudi National Bank, Riyad Bank, and Saudi Awwal Bank, with several other banks participating in the arrangement.

“NEOM, a Saudi Arabia-based unit of the kingdom’s sovereign wealth fund, has secured a new revolving credit facility (RCF) worth $2.67 billion (10 billion riyals) from local lenders, according to a statement from NEOM.

This new RCF builds on the SAR 23 billion agreement previously signed by NEOM and partners to finance the NEOM Green Hydrogen Company. 

Additionally, it follows last year’s SAR 3 billion debt financing, which was arranged to partially fund the development of Sindalah, a luxury island destination slated to open its doors to visitors this year.

Nadhmi Al-Nasr, CEO of NEOM, commented: “As NEOM continues to gain momentum, this new credit facility, supported by Saudi Arabia’s leading financial institutions, aligns seamlessly with our broader funding strategy. 

“We are actively exploring diverse funding sources to advance transformative infrastructure projects while contributing to the Vision 2030 program. 

NEOM stands as one of the world’s largest projects today, and we greatly value our partnership with our relationship banks in facilitating access to a range of flexible financing options as we strive to realize our ambitions.

”The lead arrangers for the new facility were Saudi National Bank, Riyad Bank, and Saudi Awwal Bank, with other participant banks including Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, as indicated in the press release.”