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The Saudi Tadawul-listed Makkah Construction and Development Co. (MCDC) has secured 880 million riyals ($235 million) in shariah-compliant financing from Aljazira Bank.
The developer said the loan will go toward purchasing land in Makkah, which is valued at approximately SAR 980 million, with the remaining balance funded through MCDC’s internal resources.
The bridge financing has a duration of six months, with MCDC providing a Saudi Arabian government sukuk as a guarantee.
MCDC said it will be utilising the land plot adjacent to the Grand Mosque for the development of a mixed-use asset.
(Writing by Bindu Rai, editing by Seban Scaria)
