NEOM is reportedly seeking to raise a $2.7 billion loan to help finance the development of the Kingdom’s pioneering futuristic city in the desert. To achieve this, it is turning to local lenders as it seeks investment for the early stages of the project. It is claimed that a loan could be agreed within months.
The development is expected to include two enormous buildings as part of a project known as The Line, which looks to cause a revolution in the way that people live, putting humans first. The Line will be just over 100 miles long and 200 meters wide, and will have no roads and cars. It will sit 500 meters above sea level on the border of the Red Sea with mirror-like walls encasing it.
The planned city is a central part of the Kingdom’s strategy to diversify its economy.
It is intended that the project will be zero-carbon and accommodate approximately nine million people. Facilities are planned to be located within a five-minute walk from where people live to ensure the health and wellbeing of the residents.
It aims to accommodate nine million people
Plans for the NEOM development were unveiled in 2017 but progress has been slow. Initially, it was claimed that the city would be completed in 2025.
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