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Saudi Arabia's megaproject Neom is seeking to raise 10 billion riyals ($2.7bn) in loans, according to a report in Bloomberg published on Monday.
The early stages of the $500bn planned city will be financed by money raised from local lenders, according to sources familiar with the matter who spoke to Bloomberg. Banks are currently in negotiations with Neom, and the loan could be completed in the next few months.
— Middle East Eye
A separate $3 billion loan will be required for Shushah Island, the luxury resort component of the $500 billion megadevelopment whose record-setting centerpiece is promised for 2025. Another $800 million was secured recently towards the development of Sindalah, which is set to be the project’s... View full entry
Lenders often give special treatment to the wealthy, of course, but the tech industry has created a particularly ripe crop of clients who are rich or on their way. [...]
“Lenders get so caught up trying to stay competitive and finding a market edge, they basically allow greed to overcome common sense ... Easy money does fuel and accelerate the inevitable bubble.”
— bloomberg.com
Related on Archinect:Facebook enters the housing market – and it's probably not a good thingGoogle acquires LinkedIn's HQ in huge, unexpected property swapWhat's the newest project for Silicon Valley investors? Building citiesSilicon Valley is set to get over 10K more housing units – is this... View full entry
