Saudi-listed Umm Al Qura for Development and Construction Company (Masar), the developer of Masar Destination in Makkah, has signed a Shariah-compliant revolving credit facility of 500 million Saudi riyals ($133.32 million) with Al Rajhi Bank.

The facility will have a one-year tenure and will be used to finance general working capital requirements.

The company also signed a non-binding memorandum of understanding to establish a real estate private fund with a targeted capital of SAR 221 million with BIM Capital and Ajbal Real Estate Development Company.

The fund value reflects the value of the land and a portion of the development cost, which will be contributed through cash, in-kind contributions, and subscriptions to develop hotel units on a plot within Masar Destination.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)