The company saidBloombergThe Saudi “NEOM” company, which is developing a giant project worth half a trillion dollars in the Red Sea, is looking to secure a $2.7 billion loan, citing unidentified people.

NEOM is in talks with a group of mostly local lenders to raise money to finance the initial stages of the $500 billion futures zone, people familiar with the matter said.

Neum declined to comment to Bloomberg.

And “NEOM” is one of the giant projects in the Saudi Vision 2030, which aims to wean the Gulf kingdom’s economy off oil, a future region with zero carbon emissions and rely heavily on new technologies.

With low oil prices weighing on Saudi Arabia’s budget, questions have previously been raised about the ability to continue spending on transformative mega projects.

The name “NEOM” is derived from two words, the first three letters of “NEO” are from Greek, meaning “new”. As for the last letter “M” in Arabic (Meem), it stands for two words; The first is “future,” and the second is the first letter of the name of Saudi Crown Prince Mohammed bin Salman, who is leading his country’s economic transformation plans.

Located in northwestern Saudi Arabia, the “NEOM” project includes a long city called “The Line”, a center for advanced industries called “Oxagon” and a hilly area called “Trogina”. 2029 Asian Winter Games, except on an island in the Red Sea. called an anvil.