NEOM closes SAR $3B financing facilities with SACE

Logo of NEOM 

NEOM Co. successfully completed a financing deal with the Italian Export Credit Agency (SACE), securing approximately $3 billion (equivalent to SAR 11.25 billion) in long-term, flexible financing facilities across multiple currencies.

In a statement, NEOM said this financing aims to support the development of its diverse projects and destinations.

For more news and details on the projects

This marks NEOM's first financing agreement through an export credit agency and represents the largest unconditional financing ever provided by SACE.

The deal is backed by a consortium of nine global financial institutions, including HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB Arabia Financial Co., Agricultural Bank of China (ABC), Citibank, China Construction Bank, JPMorgan Chase, and Bank of America.

NEOM highlighted that the agreement will allow it to leverage the services of Italian suppliers, particularly small and medium-sized enterprises (SMEs), to support the development of its projects across key sectors such as infrastructure, urban development, construction, and transportation (including railways, roads, and maritime navigation). This comes as the value of contracts awarded to Italian companies and contractors in NEOM has reached $6.3 billion.