Borrower: Multiple special purpose vehicles
Obligor: Alfanar Global Development
Size: $1.8 billion
Structure: Murabaha, istisna-ijara facilities
Tenor: 7.5 years
Banks: Alinma Bank, Riyad Bank, Saudi Awwal Bank
Date: January 2023
Neom in Saudi Arabia is one of the world’s most ambitious urban development projects. It requires similarly ambitious levels of investment and financing, including SR21 billion ($5.6 billion) to build accommodation to support the development’s growing workforce.
This sum makes it one of the largest international public-private partnerships for accommodation.
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