NEOM, the ambitious giga-project in Saudi Arabia, recently hosted a gathering of 52 global, regional, and local financial institutions to showcase its progress and investment opportunities. The event highlighted key projects such as The Line, Oxagon, Trojena, and Sindalah, all set to open later this year.
The focus of the meeting was on NEOM’s commitment to sustainable growth and development, emphasizing environmental, social, and governance principles. Dignitaries were given a tour of The Line, witnessing the rapid progress of phase one construction and gaining insights into the project’s innovative design.
Nadhmi Al-Nasr, CEO of NEOM, expressed the importance of partnerships in driving the project forward, stating, “NEOM’s vast scale and expertise offer strong and ongoing commercial opportunities for global organizations, including financial institutions.” He welcomed guests from leading financial institutions to explore collaborative avenues and be part of NEOM’s success.
Representatives from 24 international banks and financial institutions, as well as regional banks from Qatar, Kuwait, and the UAE, attended the event. The presence of financial institutions from countries like Germany, Spain, France, the UK, the US, China, Japan, and South Korea highlighted the global interest in NEOM’s development.
NEOM has been actively engaging in partnerships to fuel its growth, with recent announcements of a SR21 billion public-private partnership for accommodation and a SR37.5 billion joint venture with global logistics company DSV. These partnerships were well-received at Discover NEOM China, an event that attracted over 500 senior business and industry leaders in Beijing, Shanghai, and Hong Kong.
In a strategic move to meet its short-term financing requirements, NEOM signed a SR10 billion credit facility structured on Murabaha principles. This facility aims to support flagship projects like The Line, Oxagon, Trojena, and Sindalah, aligning with the broader economic goals of Saudi Arabia’s Vision 2030.
Al-Nasr highlighted the collaborative effort of leading Saudi financial institutions in supporting NEOM’s infrastructure initiatives, emphasizing the significance of diverse financing solutions in realizing one of the world’s most ambitious projects. The agreement involved nine prominent banks, including the National Commercial Bank, Riyad Bank, and Saudi First Bank, among others.
Overall, NEOM’s recent gathering of financial institutions showcased the project’s progress, investment opportunities, and commitment to sustainable development. With strong partnerships and strategic financing in place, NEOM is poised for continued success in reshaping the future of Saudi Arabia and the global economy.