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Sunday, May 28, 2023

Launch Partners

NEOM secures SAR3 billion (US$799.38 million) in debt financing from Riyad Bank to develop Sindalah

SAUDI ARABIA: Saudi Arabia’s smart city project NEOM has signed an agreement with Riyad Bank for SAR3 billion (US$799.38 million) in debt financing to help fund the development of Sindalah, marking the first NEOM region to be successfully financed with bank debt, according to a press release.

Extending over an area of approximately 840,000 square meters, Sindalah is one of a group of islands that will be developed in NEOM as a luxury tourist destination.

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