Riyadh - Sharikat Mubasher: Saudi Arabia’s Neom plans to sell sukuk worth as much as SAR 5 billion during the second half of 2024 as it seeks more funding sources for construction projects at the $1.5 trillion futuristic city.
Neom appointed HSBC Holdings Plc and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the sukuk sale, people familiar with the matter told Bloomberg.
Last week, Saudi Arabia reduced the expected population it hopes The Line will house in 2030 from 1.5 million residents to 300,000.
The Line envisioned a unique linear city stretching approximately 170 km across the Tabuk province desert. However, current projections have adjusted the completion expectation to just 2.4 km of The Line by 2030 due to financial hurdles and general difficulties in building the project.
