NEOM, in a significant financial move, disclosed on Sunday its acquisition of a SR10 billion revolving credit facility (RCF), signaling a pivotal step in its development trajectory.

This fresh injection of funding is poised to fortify NEOM's liquidity, fueling the continuous advancement of infrastructure and pivotal projects within the region.

Structured under a Murabaha agreement, the RCF epitomizes NEOM's strategic financial planning, fostering diversification of funding sources to sustain its expansive growth.

Aligned with the transformative goals outlined in the Saudi Vision 2030 agenda, this initiative underscores NEOM's unwavering commitment to drive progress and innovation on a grand scale.

Nadhmi Al-Nasr, CEO of NEOM, hailed the new financial accord, expressing optimism about its pivotal role in advancing NEOM's ambitious objectives. He remarked, "This credit facility marks a critical step in our financial strategy as NEOM advances towards realizing its ambitious goals."

In recent times, NEOM has witnessed a flurry of substantial financial activities, including a SR23 billion deal to bolster the NEOM Green Hydrogen Company and a SR3 billion debt financing earmarked for the development of Sindalah, NEOM's luxury island destination slated for launch this year.

The robust participation of leading Saudi financial institutions, including Saudi National Bank, Riyad Bank, and Saudi Awwal Bank, underscores market confidence in NEOM's potential and strategic vision.

Moreover, the involvement of other key Saudi financial entities highlights a widespread endorsement from the Kingdom's financial sector, affirming NEOM's status as a beacon of innovation and progress.