Saudi giga project NEOM has signed an agreement with Riyad Bank for 3 billion Saudi riyals ($800 million) in debt financing to help fund the development of Sindalah, marking the first NEOM region to be successfully financed with bank debt.

Extending over an area of approximately 840,000 square metres, Sindalah, is one of a group of islands that will be developed in NEOM, each according to its unique vision and design, NEOM said in a press statement.

Saudi Crown Prince and Prime Minister Mohammed bin Salman announced the launch of Sindalah in December 2022.

The statement said Sindalah is expected to start welcoming guests from early 2024, and is anticipated to create 3,500 jobs for the tourism sector and hospitality and leisure services.

(Writing by SA Kader; Editing by Anoop Menon)