NEOM plans Sukuk issuance worth up to SAR 5B in 2024: Report

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NEOM plans its first issuance of SAR-denominated Sukuk worth up to SAR 5 billion later this year, Bloomberg reported, citing informed sources.

NEOM appointed HSBC Saudi Arabia, Al Rajhi Capital, and SNB Capital to consult on the Shariah-compliant Sukuk issuance, according to the sources.

The issuance might take place during the second half of this year. However, 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 syndicate of Saudi banks. Another funding worth SAR 3 billion was secured for the NEOM-affiliated Sindalah project, the sources added.