The new financing agreement has attracted wide interest from major financial institutions in the Kingdom. These facilities will contribute to achieving the objectives of the huge project, which is considered one of the largest projects in the world.
She announced “NEOM” Company The economic development and infrastructure giant in the Kingdom of Saudi Arabia signed a credit facility agreement worth 10 billion riyals. This is amazing Credit facilities It will contribute to meeting the short-term financing needs of the company’s major projects that are witnessing significant development progress.
This agreement is characterized by the fact that it is based on the Murabaha structure, which contributes to enhancing confidence between the company and financiers, and enhances business sustainability. These facilities aim to support the progress of work on major projects such as “The Line”, “Oxagon”, “Trogena” and “Sindala”.
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NEOM CEO, Eng. Nazmi Al-Nasr, said that 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.
The signing of this agreement comes within the framework of NEOM’s efforts to expand its financing base and attract huge investments, as the company had previously signed other financing agreements with a total value exceeding 23 billion riyals last year, to finance various projects that include the establishment of the “NEOM Green Hydrogen Company” and the development of Sandala Island, among others.
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. Participating banks: Al Rajhi Investment Banking Company, Alinma Bank, Arab National Bank, Albilad Bank, Saudi Investment Bank, and Al Jazira Bank.
In a related context, NEOM hosted meetings with officials from more than 50 local and international financial institutions to discuss investment opportunities and progress in its main projects, which highlights the growing interest in the company’s projects and the promising investment opportunities it offers.
