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Saudi Arabia’s Neom seeks USD 2.7 billion loan to build futuristic city

Neom, a unit of Saudi Arabia’s Public Investment Fund, is talking to a group of mostly local lenders to raise money to help fund early stages of the USD 500 billion megaproject headed by Crown Prince Mohammed bin Salman. Banks are negotiating terms with Neom and, if agreed, the loan could be completed in the next few months, according to sources. In addition, Neom is planning to raise up to SAR 3 billion from local banks to fund the development of Shushah Island, a luxury tourism development, according to sources.