Saudi Arabia's NEOM secures $2.7 billion new financing facility

NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion) from local lenders, according to a NEOM statement seen by Reuters on Sunday.

Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as the lead arrangers on the new facility while other participant banks are Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, the press release shows.

The new facility will be used to support NEOM’s short-term financing requirements as it moves forward in the development of major projects.

($1 = 3.7505 riyals). #tinytick