Saudi Arabia’s Neom Seeks $2.7 Billion Loan to Build Futuristic City

Saudi Arabia’s Neom, the company developing Crown Prince Mohammed bin Salman’s flagship megaproject, is looking to raise a 10 billion riyal ($2.7 billion) loan, according to people familiar with the matter.

Neom, a unit of the kingdom’s sovereign wealth fund, is talking to a group of mostly local lenders to raise money to help fund early stages of the $500 billion project, the people said, asking not to be identified as the information is private. Banks are negotiating terms with Neom and, if agreed, the loan could be completed in the next few months, the people said.