Neom secures $2.7bn as minister admits ‘adjustments’

Neom secures $2.7bn as minister admits ‘adjustments’

Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […]

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Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back.

The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said in a statement.

“This new credit facility is a natural fit within Neom’s wider strategy for funding,” Neom CEO Nadhmi Al-Nasr said.

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Lead arrangers for the facility include Saudi National Bank, Riyad Bank, and Saudi Awwal Bank. 

The other participants were Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.

The announcement comes after the hosting of representatives from 52 global, regional and local financial