Saudi Arabia to open Neom’s Sinadalah Island in Red Sea by year-end. — Car Blondie/File

Saudi Arabia has finally succeeded in securing $2.7 billion for Neom development projects after reports suggested that “The Line” was being scaled back, Construction Briefing reported.

The new revolving credit facility (RCF), worth SAR 10 billion ($2.667 billion), will help support short-term financing requirements as Neom moves forward with the development of major projects, including Trojena, The Line, Oxagon and the soon-to-open luxury island destination Sindalah.

Nadhmi Al-Nasr, the chief executive of Neom, said: “As NEOM continues to gather pace, this new credit facility, backed by Saudi Arabia’s leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program.”

“Neom is among the largest projects in the world today, and we value the partnership we have with our relationship banks in facilitating access to a range of flexible financing options as we deliver on our ambition.”

Recently, Neom’s “The Line” project has been making headlines after news broke out that The Line is not doing well due to financial constraints. And has been decided to scale down by 98.6%.

Earlier, The line was planned to cover an area of 170 kilometres and house at least 1.5 million people, but after cutting it down, now it will only be 2.4 kilometres with less than 30,000 residents.

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