NEOM Secures SAR 10 Billion Funding Boost for Development Projects

NEOM, the futuristic megaproject in Saudi Arabia, has secured a significant financial boost with a new SAR 10 billion revolving credit facility (RCF). This funding will support NEOM’s ongoing development of major projects like Trojena, THE LINE, Oxagon, and the upcoming luxury island destination, Sindalah.

This Murabaha-structured RCF aligns with NEOM’s strategy of diversifying its funding sources to achieve its ambitious goals. Nadhmi Al-Nasr, CEO of NEOM, sees the RCF as a strategic fit: “This new credit facility, backed by Saudi Arabia’s leading financial institutions, aligns perfectly with our funding strategy. We’re committed to exploring diverse funding options while delivering transformative infrastructure assets that support Saudi Vision 2030. NEOM is a global project, and we value our partnerships with leading banks who offer flexible financing solutions to help us realize our vision.”

Building on Previous Investments

The new RCF follows a SAR 23 billion agreement for the NEOM Green Hydrogen Company and a SAR 3 billion debt financing secured last year to partially fund the development of Sindalah.

The RCF transaction, targeted at Saudi banks, attracted significant interest with nine banks participating. Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as mandated lead arrangers. Other participating banks include Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.