NEOM has secured a new revolving credit facility (RCF) worth SAR 10 billion to back its short-term financing requirements, according to a press release.

The RCF, which witnessed the participation of nine Saudi banks, aligns with NEOM’s strategy to diversify its sources of funding.

Nadhmi Al Nasr, CEO of NEOM, said: “We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 programme.”

The new RCF comes within the framework of the SAR 23 billion agreement signed by NEOM and their partners to finance the NEOM Green Hydrogen Company. It also follows the SAR 3 billion debt financing arranged to partially fund NEOM’s development of Sindalah.

The mandated lead arrangers are the Saudi National Bank (SNB), Riyad Bank, and Saudi Awwal Bank (SAB). The other participant banks are Al Rajhi Banking and Investment Corporation, Alinma Bank, Arab National Bank (ANB), Bank Albilad, Saudi Investment Bank (SAIB), and Bank AlJazira.

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