Saudi’s Neom Hunts for More Cash for $1.5 Trillion Desert City
- Neom is exploring raising riyals in its first-ever sukuk sale
- Kingdom has scaled back plans for city’s signature project
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Saudi Arabia’s Neom is planning its debut riyal bond sale for later this year as it looks for more sources of funding for the $1.5 trillion worth of construction projects it’s planned for the futuristic city, according to people familiar with the matter.
Neom has appointed banks including HSBC Holdings Plc and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the sale of Islamic bonds, or sukuk, the people said. The debt would be denominated in the local currency and could raise as much as 5 billion riyals ($1.3 billion), they said, asking not to be identified as the information is private.