KSA’s Neom is looking to raise USD 2.7 bn to fund smart city The Line

KSA’s Neom is looking to raise SAR 10 bn to fund The Line: Saudi Arabia’s Neom is reportedly looking to secure loans totalling SAR 10 bn (USD 2.7 bn) to finance the early stages of its net-zero city The Line, Bloomberg reports, citing people with knowledge of the matter. Negotiations on the terms of the debt agreements could be finalized and the loans doled out in the coming months.

The project: Spanning 170 km and 100% powered by renewables, The Line is the first construction project of the USD 500 bn Neom business zone and is designed to have no roads, cars, or carbon emissions. The smart city will eventually accommodate 9 mn residents when fully built.

Neom has been pushing the project forward: In May, Neom awarded a USD 2 bn contract for a rail project linking its floating industrial complex Oxagon to The Line. The rail project will extend south from The Line to Neom City station, passing through Neom Bay Mansions and Neom Bay Airport, all the way to Oxagon.