NEOM Secures $3 Billion Export Credit Financing Deal with Italy's SACE
RIYADH, Saudi Arabia, January 30, 2025 (Saudi Arabia Breaking News) - NEOM has successfully closed a landmark $3 billion export credit agency (ECA) financing transaction with Italy’s SACE, marking its first corporate ECA financing and the largest united financing ever guaranteed by SACE.
The deal, structured as a long-term multicurrency united facility, will support various NEOM projects across infrastructure, urban development, and transport sectors, including rail, road, and maritime initiatives.
International Banking Consortium Backs the Deal
A syndicate of nine prominent international banks is backing the financing:
HSBC
Banco Bilbao Vizcaya Argentaria
Bank of China
Crédit Agricole CIB
Agricultural Bank of China
Citi
China Construction Bank
J.P. Morgan
Bank of America
The agreement strengthens NEOM’s commitment to leveraging Italian businesses, particularly small and medium enterprises (SMEs), to support the region’s development.
To date, Italian suppliers and contractors have secured contracts worth SR6.3 billion ($1.7 billion) for NEOM-related projects. The new financing deal is expected to further enhance economic ties and create additional opportunities for Italian businesses in the Kingdom.
NEOM Acting CEO Eng. Aiman Al Mudaifer emphasized the importance of international partnerships in advancing Saudi Vision 2030.
"This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM," Al Mudaifer said. "It advances the Kingdom’s aim of generating capital investment, with foreign investment being instrumental in diversifying the economy."
SACE CEO Alessandra Ricci highlighted the deal’s significance for Italian exports and supply chains, stating that expanding ‘Made in Italy’ across global markets is a strategic priority.
"Opening new routes to ‘Made in Italy’ is a priority to allow long-term growth for Italian exports," Ricci said. "Our Riyadh office supports Italian companies and their potential partners by providing experience and insurance financial solutions, combined with the added value of a physical presence in the area."
The SACE united facility diversifies NEOM’s existing funding sources, ensuring the long-term financing required to sustain its major development projects. As NEOM progresses with its vision of creating a global hub for innovation and sustainability, the financing deal underscores international confidence in the megaproject and its role in shaping the future of Saudi Arabia’s economy.