NEOM signed an agreement with Riyad Bank to finance the SAR 3 billion Sindalah Island development project, which is the first project to be financed through the banking sector.
Rayan Fayez, deputy CEO of NEOM, said: "The financing of Sindalah demonstrates NEOM’s desire to diversify its sources of funding and attract capital of all kinds to help accelerate the development of NEOM”. He added: “We have a number of projects currently underway and in the pipeline that represent attractive opportunities for the global financial community to participate in, and we look forward to more engagement in the coming months."
Tareq Al-Sadhan, CEO of Riyad Bank, said: " NEOM project is a strategic opportunity for our organization, and we look forward to making this project a reality. We are proud to be one of the first financial institutions to partner up with NEOM through Sindalah project, and we are confident of the success of the project in the near future.”
Spread over an area of approximately 840,000 square meters; Sindalah is one of the island’s clusters to be developed in NEOM. The island is expected to welcome guests in early 2024 and will provide personalized marine experiences, great facilities, and exclusive offers. The project is expected to create 3,500 jobs for the tourism, hospitality, and leisure sectors. Sindalah is set to become one of the most attractive islands in the Red Sea with its strategic location and exceptional landscapes.
It is worth mentioning that Riyad Bank is highly committed to achieving the targets of the Kingdom's Vision 2030. The bank launched diverse initiatives that are designed specifically to support business enablers, business establishments, and logistics service providers, in addition to stimulating foreign investments through the bank's branches that are in strategic locations across the world such as London, Houston and Singapore. It will also soon become available in China.