A new year, a new windfall! This sentiment rings particularly true for Saudi Arabia’s futuristic city Neom, a $1.5 trillion megaproject that is as groundbreaking as it is visionary. After facing a series of setbacks, 2025 has begun on a promising note, with Neom announcing the successful closing of a landmark export credit agency (ECA) financing transaction. Italy’s SACE has secured approximately $3 billion under a long-term multicurrency untied facility, marking a pivotal financial milestone for the project.
This deal sets several precedents, as it is Neom’s first corporate ECA financing and the largest untied financing ever guaranteed by SACE. More importantly, it will play a crucial role in supporting various projects across Neom. The $3 billion funding is backed by a syndicate of nine prominent international banks, including 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.
This development brings Saudi Crown Prince Mohammed bin Salman (MBS) one step closer to realizing his grand vision. Neom will leverage supplies from Italian businesses, particularly SMEs, across key sectors such as infrastructure, urban development, and construction. Even transport, rail, road, and maritime industries are set to benefit from this transaction. So far, Italian suppliers and contractors have played a significant role in Neom’s development, securing contracts worth $6.3 billion across various projects. This new deal aims to further strengthen these international business relationships.
Aiman Al-Mudaifer, Acting CEO of Neom, stated, “Neom is committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress.” Alessandra Ricci, CEO of SACE, added, “We are glad to play our part alongside Neom in this cutting-edge project, which generates opportunities across a wide range of sectors for Italian SMEs and supply chains.”
With Italian contractors already securing $6.3 billion in Neom contracts, Italy’s role in the megaproject continues to grow, underscoring the nation’s importance in shaping the future of this ambitious venture.
