Saudi's Neom Hunts for More Cash for $1.5 Trillion Desert City [BNN Bloomberg (Canada)]
HSBC Holdings, plc. (HSBC)
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Source: BNN Bloomberg
trillion worth of construction projects it's planned for the futuristic city, according to people familiar with the matter. Neom has appointed banks including HSBC Holdings Plc and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the sale of Islamic bonds, or sukuk, the people said. The debt would be denominated in the local currency and could raise as much as 5 billion riyals ($1.3 billion), they said, asking not to be identified as the information is private. The sukuk sale could come as early as the second half of this year, the people said. A final decision on the timing and offering size will depend on market conditions, they added. Representatives for Neom, HSBC and Saudi National Bank declined to comment, while a spokesperson for Al Rajhi Bank did not respond to a request for comment. The city, located in the kingdom's northwestern desert, is a brainchild of Crown Prince Mohammed bin Salman. The development's signature project is The Line, a pa
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