NEOM plans to issue SAR 5B sukuk: Report

NEOM plans its first issuance of SAR-denominated sukuk later this year. The issuance could reach up to SAR 5 billion in value, Bloomberg reported, citing informed sources.

NEOM appointed HSBC Saudi Arabia Co., Al Rajhi Bank, and The Saudi National Bank (SNB) to provide consultation on Sharia-compliant Sukuk, according to the sources.

The issuance might occur during the second half of this year, while the final decision on the timing and size of the issuance depends on market conditions.

NEOM recently secured financing worth SAR 10 billion from a group of Saudi banks. Additionally, it obtained financing worth SAR 3 billion for the Sindalah project affiliated with the city, the report added.