NEOM Secures $2.67 Billion Revolving Credit Facility from Local Banks

NEOM, a futuristic city project under Saudi Arabia's sovereign wealth fund, has secured a significant financial boost.

According to a NEOM statement quoted by Reuters, a consortium of local banks has provided a revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion).

The agreement, announced on Sunday, involves leading banks like Saudi National Bank, Riyad Bank, and Saudi Awwal Bank.

Other participating banks include Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.

NEOM will reportedly use this credit facility to address its short-term funding needs as it progresses with the development of various major projects within the city.

This financial backing from a consortium of prominent Saudi Arabian banks highlights the growing momentum behind the NEOM project.