Neom, the Saudi Arabian greenfield smart city development, has signed an agreement with the Saudi financial institution Riyad Bank for SAR 3 billion in debt financing to help fund the development of its smart island Sindalah. It is the first Neom region to be successfully financed with bank debt, according to a statement from Neom.
Extending over an area of approximately 840,000 square meters, Sindalah is one of a group of islands that will be developed in Neom with “state-of-the-art marine facilities, strategic location and exceptional natural landscapes”, writes the statement. Tareq A. Al-Sadhan, CEO Riyad Bank, said his company was “proud” to be the first financial institution to partner with Sindalah. “Neom represents an incredible opportunity for our organization to play a small part in helping make this exciting project a reality,” he said.
Currently, Neom is also presenting large scale models of its 170-kilometre-long smart city The Line and other developments such as the port city Oxagon at the Venice Architecture Biennale from 20 May to 26 November 2023. According to an article in the online magazine Dezeen, Neom’s models show various sections of the structure, which is proposed to consist of two 500-metre-high, linear skyscrapers standing 200 metres apart. ce/em
