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NEOM secures SAR 10 billion ($2.7bn) financing facility

NEOM today announced it has secured a new revolving credit facility (RCF) worth SAR 10 billion. It represents another milestone for NEOM as it progresses with the development of major projects and will be used to support NEOM’s short-term financing requirements.  The RCF, which follows a Murabaha structure, reflects a continuation of NEOM’s strategy to diversify its sources of funding.

The new RCF follows on from the SAR 23 billion agreement signed by NEOM and their partners to finance the NEOM Green Hydrogen Company. It also follows last year’s SAR 3 billion debt financing arranged to partially fund NEOM’s development of Sindalah, the luxury island destination set to welcome visitors this year.

The transaction was targeted at Saudi relationship banks and the facility saw strong interest, with nine banks participating. The mandated lead arrangers are Saudi National Bank, Riyad Bank, and Saudi Awwal Bank. The other participant banks are Al Rajhi Banking and Investment Corporation, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.

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