King ​Abdullah Financial District ⁠Development and Management Company ‌has closed a 12 billion riyal ($3.2 ​billion) Murabaha Islamic financing facility, the first ​debt financing secured ​by the subsidiary of Saudi Arabia's Public Investment Fund ⁠independently of its state backer, according to a statement on Monday.

The 15-year senior-secured facility ​was ‌arranged by ⁠a syndicate ⁠of Al Rajhi Bank, Saudi Awwal ​Bank, Saudi National Bank, ‌Riyad Bank, Alinma ⁠Bank, Arab National Bank and Gulf International Bank-Saudi Arabia, while Bank Albilad, Mashreqbank PSC and National Bank of Kuwait acted as bookrunners.

Foreign banks and institutional investors have largely stayed ‌on the sidelines of Saudi mega ⁠projects, leaving state-linked developers ​to draw on captive local liquidity to advance Vision 2030 ​infrastructure.

(Reporting ‌by Hadeel Al Sayegh, ⁠Md Manzer ​Hussain; Editing by Kirsten Donovan)