agency reportedbloombergCiting unidentified people, on Monday, that the Saudi “NEOM” company, which is developing a giant project worth half a trillion dollars on the Red Sea, is looking forward to obtaining a loan of $2.7 billion.
People familiar with the matter said NEOM is negotiating with a group of mostly local lenders to raise money to help fund the early stages of the $500 billion futuristic zone.
Neum declined to comment to Bloomberg.
And “NEOM” is one of the giant projects within the Saudi Vision 2030, which aims to wean the economy of the Gulf Kingdom from oil, which is a future region with zero carbon emissions and relies heavily on new technologies.
Questions had previously been raised about the possibility of Saudi Arabia continuing to spend on transformational giant projects, with low oil prices affecting its budget.
The name “NEOM” is derived from two words, the first three letters “NEO” are from the Greek language, which means “new”. As for the last letter “M”, meaning (meem) in Arabic, it symbolizes two words; The first is “Future”, and the second is the first letter of the name of the Saudi Crown Prince, Prince Mohammed bin Salman, who leads his country’s plans for economic transformation.
The “NEOM” project, which is located in northwest Saudi Arabia, includes the longitudinal city of “The Line”, a center for advanced industries known as “Oxagon”, and a mountainous destination called “Trogina”, which is supposed to host the Asian Winter Games in 2029, in addition to an island in the Red Sea. Known as an anvil.
2023-07-17 08:14:10
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