Agreement strengthens NEOM’s funding strategy with Italian partnerships powering next-gen infrastructure and urban development.
NEOM has successfully closed a major export credit agency (ECA) financing transaction, securing approximately $3 billion under a long-term, multicurrency untied facility guaranteed by SACE, Italy’s export credit agency.
Largest untied financing ever guaranteed by Italy’s SACE
This milestone marks NEOM’s first corporate ECA financing and the largest untied facility ever backed by SACE. The financing will support multiple projects across NEOM and is underwritten by a consortium of nine top-tier international banks: HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan, and Bank of America.
Italian SMEs to play a pivotal role in NEOM’s development
The agreement deepens ties between NEOM and Italian companies—particularly small and medium-sized enterprises—providing essential services and products across critical sectors, including infrastructure, urban development, construction, and transportation (rail, road, and maritime). Italian suppliers and contractors have already contributed to NEOM projects with contracts valued at $6.3 billion. This new deal further reinforces international cooperation and investment.
Partnership strengthens international trade and aligns with Vision 2030
Eng. Aiman Al-Mudaifer, Acting CEO of NEOM, stated: “NEOM is proud to partner with global players who share our forward-thinking approach to innovation and development. This agreement supports the realization of NEOM’s expansive portfolio and underscores the trust placed in our mission by leading global financial institutions. It aligns with the Kingdom’s Vision 2030 strategy, encouraging international investment and economic diversification.”
Alessandra Ricci, CEO of SACE, added: “We’re proud to support NEOM and the incredible opportunities this partnership offers to Italian SMEs. Expanding the reach of ‘Made in Italy’ is essential for the sustainable growth of our export market. With our Riyadh office, we’re well-positioned to connect Italian businesses with key opportunities through practical, on-the-ground financial and insurance solutions.”
This SACE-backed facility enhances NEOM’s diversified funding base and supports its long-term financial strategy as it advances major regional developments.
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