Neom has announced that they have signed an agreement with Riyad Bank for SAR 3 billion in debt financing to help fund the development of Sindalah, marking the first NEOM region to successfully financed with bank debt.
Tareq A. Al-Sadhan, CEO, Riyad Bank, added: “NEOM represents an incredible opportunity for our organization to play a small part in helping make this exciting project a reality. We are proud to be the first financial institution to partner with Sindalah and are confident in the prospect of their future success.”
Sindalah extends over an area of approximately 840,000 square meters and is one of a group of islands that will be developed in NEOM. Each will be developed in unique vision and design.
Rayan Fayez, Deputy CEO, NEOM said: “The Sindalah debt financing signifies NEOM’s desire to diversify its funding sources, involve the private sector and attract capital of all types in the development of NEOM. We have a number of projects currently underway, and in the pipeline, that represent very attractive commercial opportunities for the global financial community to participate in.”
Sindalah will start welcoming guests to enjoy its experiences, exquisite facilities and exclusive offerings from early 2024. It is anticipated that the development will create 3,500 jobs for the tourism sector and hospitality and leisure services.
With its incredible array of amenities, state-of-the-art marine facilities, strategic location and exceptional natural landscapes, Sindalah is expected to become established as one of the most alluring islands in the Red Sea.