Sunday May 19th, 2024
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NEOM Considers Its First Riyal-Denominated Bond Sale

The desert megacity could raise up to USD 1.3 billion by selling Sukuk - Islamic bond insurance - later this year.

Scene Now Saudi

NEOM Considers Its First Riyal-Denominated Bond Sale

NEOM is set to issue bonds for the first time as its developers seek new funding sources for their construction projects, which are worth USD 1.5 trillion in total. The desert megacity could raise up to USD 1.3 billion by selling Sukuk - Islamic bond insurance - later this year.

The company has appointed banks including HSBC Holdings and the securities units of Al Rajhi Bank and Saudi National Bank to provide advice throughout the process.

NEOM is the centrepiece of Saudi Crown Prince Mohammed Bin Salman’s Vision 2030 project, which aims to diversify Saudi Arabia’s economy away from oil and into other sectors such as tech. It is now progressing forward with several core developments including Norlana, THE LINE, Trojena, Hexagon, and Sindalah.

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