Saudi Arabia's $500 billion Neom megacity is reportedly seeking new sources of cash

• Saudi Arabia's Neom is planning its first bond sale, Bloomberg reported.
• The issuance could take place later this year and raise up to $1.3 billion, per the outlet.
• Neom is the centerpiece of Saudi Crown Prince Mohammed Bin Salman's Vision 2030 project.

Saudi Arabia's Neom project is set to issue bonds for the first time as its developers seek new funding sources, Bloomberg reported.

The $500 billion desert megacity could raise up to $1.3 billion by selling Islamic bonds, or sukuk, the outlet reported on Wednesday, citing unnamed sources.