Saudi Arabia’s Neom seeking to raise loan of $2.7bln

Saudi Arabia’s megaproject NEOM is seeking to rise a 10 billion riyals ($2.7 billion), will be used to fund the early stages of the $500 billion Future City Project, Asharq Business said on Monday according to people familiar with the matter.

The people who asked not to disclose their names, added the banks are negotiating terms with Neom, noting that if the agreement was reached, the loan could be completed in the next few months.

Neom is an initiative of Saudi Arabia’s crown prince Mohammed bin Salman and forms part of the Saudi Vision 2030 plan to diversify the country’s economy to reduce its dependence on oil.