NEOM hosts global financial institutions, showcases progress and investment opportunities

RIYADH: Saudi giga-project NEOM hosted 52 global, regional, and local financial institutions, showcasing ongoing progress across key projects and highlighting investment opportunities.  

The meeting also reviewed the progress and latest developments in key NEOM undertakings, including The Line, Oxagon, Trojena, and Sindalah, scheduled to open later this year.  

The event showcased the giga-project’s commitment to sustainable growth and development, underscoring its focus on environmental, social, and governance principles.  

A notable aspect of the visit included a review of The Line, where dignitaries observed the rapid progress of phase one construction and gained deeper insights into the initiative’s design.  

Nadhmi Al-Nasr, CEO of NEOM, said: “Since inception, we have been establishing strong partnerships to help drive this grand vision forward. NEOM’s vast scale and expertise offer strong and ongoing commercial opportunities for global organizations, including financial institutions.”   

He added: “We were pleased to host guests from some of the world’s leading financial institutions in NEOM recently to discuss collaborative avenues. NEOM is open for business and we welcome all interested parties to be part of our continued success.”  

The event drew representatives from 24 international banks and financial institutions, including those from Germany, Spain, and France, as well as the UK, the US, and China. Additionally, representatives from Japan and South Korea attended the event.  

In addition, 13 regional banks from Qatar, Kuwait, and the UAE attended, alongside 15 financial institutions from Saudi Arabia.   

In June 2023, NEOM launched the largest public-private partnership for accommodation, valued at over SR21 billion ($5.67 billion).  

It also announced an SR37.5 billion joint venture with global logistics company Denmark’s DSV in October 2023 to provide logistics services for the giga-project.  

These announcements, along with other NEOM partnerships, were well-received by attendees at Discover NEOM China, an event held in Beijing, Shanghai, and Hong Kong earlier this month. The event attracted more than 500 senior business and industry leaders. 

SR10bn credit facility

NEOM also announced the signing of a credit facility worth SR10 billion to meet its short-term financing requirements.  

The facility, structured on Murabaha principles, is aimed at supporting the developmental stages of flagship projects like The Line, Oxagon, Trojena, and Sindalah.  

Al-Nasr emphasized the strategic alignment of these credit facilities with the Kingdom’s broader economic goals under Vision 2030.  

In a press release, he highlighted the collaborative effort of leading Saudi financial institutions in supporting one of the world’s most ambitious projects by providing diverse financing solutions that bolster NEOM’s infrastructure initiatives. 

The agreement has garnered significant attention, involving nine prominent banks such as the National Commercial Bank, Riyad Bank, and Saudi First Bank, alongside other key financial players.

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