The kingdom’s sovereign wealth fund, NEOM, has secured a new revolving credit facility from local lenders valued at $2.67 billion. This funding comes after earlier arrangements to support the establishment of Sindalah, an opulent island resort, and the NEOM Green Hydrogen Company.
A number of other banks are involved in the arrangement, with Saudi National Bank, Riyad Bank, and Saudi Awwal Bank serving as lead arrangers for the new facility.
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According to a statement from financing facility, the Saudi Arabian sovereign wealth fund’s subsidiary, local lenders have provided a $2.67 billion new revolving credit facility.
The SAR 23 billion deal that its partners had inked to finance the Green Hydrogen Company is expanded upon by this new RCF.
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It also comes after the SAR 3 billion debt financing last year, which was set up to help finance the development of Sindalah, a posh island resort that is expected to welcome guests 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.
About NEOM
NEOM is a vision of the future for a time when creative solutions are desperately needed in the globe. For those who have big dreams and wish to help create a new paradigm for sustainable living, it will serve as both a destination and a place to call home.
