S. Arabia’s NEOM secures $2.67b RCF

Saudi Arabia’s NEOM has secured a $2.67 billion revolving credit facility (RCF) from local lenders, Reuters reported on Sunday, citing NEOM’s press release.

This financing agreement will support the project’s ongoing development needs, as per the statement.

A group of leading Saudi Arabian banks, including Saudi National Bank (SNB), Riyad Bank, and Saudi Awwal Bank (SAB), led the syndicated RCF.

Other participating banks included Al Rajhi Bank, Alinma Bank, Arab National Bank (ANB), Bank Albilad, Saudi Investment Bank (SAIB), and Bank AlJazira.

Their involvement highlights the confidence of the Saudi Arabian financial sector in NEOM’s vision and potential.

The $2.67 billion credit facility will be used to address NEOM’s short-term financing needs. This fresh injection of capital will play a crucial role in driving the development of NEOM’s major projects.

A revolving loan facility, also called a revolving credit facility or simply revolver, is a form of credit issued by a financial institution that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again, according to investing.com‘s definition.