NEOM secures SR10 billion revolving credit facility to support development initiatives – Saudi Gazette

NEOM secures SR10 billion revolving credit facility to support development initiatives – Saudi Gazette

NEOM — In a significant financial move, NEOM announced on Sunday that it has secured a revolving credit facility (RCF) worth SR10 billion.This new funding is set to bolster NEOM's liquidity for its ongoing development projects, ensuring the steady progression of infrastructure and other major initiatives within the region.The RCF, structured under a Murabaha agreement, aligns with NEOM's strategic financial planning, aiming to diversify its funding sources amid expansive growth.This move is a continuation of NEOM’s effort to support the extensive developmental activities outlined in the Saudi Vision 2030 agenda.Nadhmi Al-Nasr, CEO of NEOM, expressed enthusiasm about the new financial agreement, stating,"This credit facility marks a critical step in our financial strategy as NEOM advances towards realizing its ambitious goals.“Partnering with leading Saudi financial institutions provides us with the robust support needed to push forward with our transformative projects."This facility follows other substantial financial activities, including a SR23 billion deal to fund the NEOM Green Hydrogen Company and a SR3 billion debt financing for the development of Sindalah, NEOM's luxury island destination slated to open this year.The financing saw participation from several prominent Saudi banks, demonstrating strong market confidence in NEOM's potential and strategic direction.The lead arrangers for this transaction