Saudi Vision 2030 at its Best

NEOM must be the most amazing travel and tourism development project of mankind with funding on the way to proceed.

NEOM in Saudi Arabia has 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 be successfully financed with bank debt.

NEOM is a planned cross-border city in the Tabuk Province of northwestern Saudi Arabia. It is a significant development project that aims to create a futuristic, sustainable city that spans Saudi Arabia, Jordan, and Egypt. The project was announced in 2017 by Crown Prince Mohammed bin Salman as part of Saudi Arabia’s Vision 2030 plan to diversify its economy and reduce dependence on oil.

NEOM is envisioned as a hub for various industries, including energy, biotechnology, robotics, advanced manufacturing, and entertainment. The city will be powered by renewable energy sources and incorporate smart city technologies and sustainable practices.

The project has ambitious goals, aiming to attract investment and talent from around the world. NEOM is designed to be a center for innovation and entrepreneurship, focusing on research and development. It is expected to offer a high quality of life for residents, with advanced infrastructure, healthcare, education, and recreational facilities.

The development of NEOM is a long-term project that is expected to span several decades. The Saudi Arabian government has allocated significant resources and funding to support its construction and development. The city is expected to have its own regulations and legal framework aimed at providing an attractive environment for businesses and investors.

Riyad Bank is one of the most prominent supporters of Saudi Vision 2030.

It has developed diverse initiatives specifically designed to support business capabilities from establishment to logistics and investment. Its strategic locations worldwide include England, the US, Singapore, and soon China, all of which facilitate foreign investments managed by a talented and experienced team of specialists.

Tareq A. Al-Sadhan, CEO of 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 their future success.”

Rayan Fayez, Deputy CEO of 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 developing NEOM. We have several projects currently underway and in the pipeline that represents very attractive commercial opportunities for the global financial community to participate in.”

Extending over an area of approximately 840,000 square meters, Sindalah is one of a group of islands that will be developed in NEOM, each according to its unique vision and design.

Sindalah will start welcoming guests to enjoy its bespoke nautical experiences, outstanding facilities, and exclusive offerings in early 2024.

The development is anticipated to 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 enchanting islands in the Red Sea.

Building on its ability to design new tourism opportunities from the ground up, NEOM is working with world-class leisure and hotel brands to make Sindalah an exclusive and glamorous destination in the Red Sea for the world’s yachting community. NEOM is developing the island to be a premium destination surrounded by a stunning and diverse marine environment that has one of the world’s most beautiful coral reserves.