NEOM picks 3 global firms for technical, financial advice on desalination project: sources

24/08/2021 Argaam

Logo of NEOM

NEOM appointed three companies to provide technical and financial advice for its desalination plant project, Al Arabiya.net reported, citing sources.

 

The company picked Japan's Sumitomo Mitsui Financial Group (SMFG) to provide financial advice on the project, which will be implemented in several phases. Linklaters and WorleyParsons will provide technical advice.

 

The sources added that the technical offers will be submitted by the beginning of next year.

 

The project will be financed from credit facilities, in which local banks will participate, a banking source clarified.

 

In October 2017, the Crown Prince announced the launch of the new megacity, NEOM, in northwest Saudi Arabia, at a total investment of $500 billion, according to data compiled by Argaam.

 

It is noteworthy that the NEOM desalination facility aims to supply the entire NEOM region with water.

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