Riyadh, Kingdom of Saudi Arabia The development of Sindalah will be supported in part by a SAR 3 billion debt arrangement that NEOM has signed with Riyad Bank, making Sindalah the first NEOM region to be successfully financed with bank debt. One of the most ardent supporters of Saudi Vision 2030 is Riyadh Bank, which has created a wide range of projects aimed at boosting company capacities in the areas of establishment, logistics, and investment. Its key locations, which enable international investments and are all supervised by a strong and knowledgeable staff of specialists, are in England, the US, Singapore, and soon China.
CEO of Riyad Bank Tareq A. Al-Sadhan continued, "NEOM represents an excellent opportunity for our business to play a little part in assisting in the realization of this fascinating project. We are pleased to have partnered with Sindalah as their first financial institution and are optimistic about their future development.
The Sindalah debt financing represents NEOM's ambition to expand its funding sources, involve the private sector, and draw in capital of all kinds for the development of NEOM, according to Rayan Fayez, Deputy CEO of NEOM. We now have a number of projects under way or in the works that offer the international financial community some extremely alluring business opportunities.
Sindalah is one of a set of islands that will be constructed in NEOM, each in accordance with its distinct vision and design, and it covers an area of about 840,000 square meters.
Beginning in early 2024, Sindalah anticipates inviting visitors to take advantage of its personalized nautical experiences, magnificent facilities, and exclusive products. 3,500 jobs are expected to be created by the development in the tourism, hospitality, and leisure industries.
Sindalah is anticipated to establish itself as one of the most appealing islands in the Red Sea because of its fantastic assortment of amenities, cutting-edge marine facilities, advantageous location, and exceptional natural scenery.
Building on its expertise in creating brand-new tourist prospects from the bottom up, NEOM is collaborating with top leisure and hotel brands to transform Sindalah into a posh and exclusive Red Sea sailing destination. The island is being developed by NEOM to become a premier travel destination surrounded by one of the most spectacular coral reserves in the world and a stunning and diversified marine environment.