NEOM has announced the successful signing of an agreement with Riyad Bank for SAR 3bn in debt financing to develop the first megaproject destination – Sindalah, set to welcome visitors in 2024. The destination will be the first NEOM region to be successfully financed with bank debt.
The luxury island, Sindalah, will be the first to open to the public, before other NEOM projects and is a widely important part of the entire development, set to offer visitors the first taste of futuristic NEOM.
Spanning over 840,000 square meters, the destination is anticipated to create over 3,500 jobs for the tourism sector and hospitality and leisure services.
“The Sindalah debt financing signifies NEOM’s desire to diversify its funding sources, involve the private sector and attract capital of all types in the development of NEOM. We have a number of projects currently underway, and in the pipeline, that represent very attractive commercial opportunities for the global financial community to participate in.” Rayan Fayez, Deputy CEO, NEOM