NEOM lands $3B SACE-backed facility, among Saudi Arabia's largest debt deals
What's the deal? NEOMDealroom has a profile for this one. Try Dealroom → has closed roughly $3 billion in financing under a long-term multicurrency untied facility guaranteed by Italy's export credit agency, SACEDealroom has a profile for this one. Try Dealroom →. The deal is NEOM's first corporate export credit agency financing and the largest untied financing SACE has ever guaranteed.
Who's backing it? A syndicate of nine international banks supports the facility: HSBCDealroom has a profile for this one. Try Dealroom →, Banco Bilbao Vizcaya Argentaria, Bank of ChinaDealroom has a profile for this one. Try Dealroom →, Crédit Agricole CIB, Agricultural Bank of ChinaDealroom has a profile for this one. Try Dealroom →, CitiDealroom has a profile for this one. Try Dealroom →, China Construction BankDealroom has a profile for this one. Try Dealroom →, J.P. MorganDealroom has a profile for this one. Try Dealroom →, and Bank of AmericaDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The money funds projects across NEOM, the giant development project in Saudi Arabia. It also lets NEOM tap Italian suppliers, especially SMEs, across infrastructure, urban development, construction, and transport.
Why now? Italian suppliers and contractors have already backed NEOM projects worth $6.3 billion. The facility deepens those ties and diversifies NEOM's funding pool as it presses ahead with major developments.
Acting chief executive officer Aiman Al-Mudaifer said the deal "reflects the strong confidence that leading financial institutions worldwide place in NEOM" and advances "the Kingdom's aim of generating capital investment in line with Saudi Vision 2030." SACE chief executive officer Alessandra Ricci said the project "generates opportunities in a wide range of sectors for Italian SMEs and supply chains."
The signal: At $3 billion, this ranks among the largest debt deals ever recorded in Saudi Arabia — in the top 2% by size. It shows how the kingdom is using foreign capital and export credit agencies to fund its Vision 2030 economic diversification push.
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Image credit: ADEL AL-OMRANI
