Makkah, Saudi Arabia, The Clock Towers, a leading hospitality and retail group of companies, recently announced that it has successfully completed its SAR 6 Billion Syndicated financing with Al Rajhi Bank and Alinma Bank. Al Rajhi Bank acted in its capacity as the Investment & Security Agent for the Syndicated Facilities.

The Syndicated Facilities will be used to refinance existing indebtedness, provide working capital, and finance development projects. The Syndicated Facilities will benefit The Clock Towers in many ways such as: reducing cost of financing, improving liquidity, recalibrating repayment profiles, and supporting its development projects which will contribute in GDP growth of KSA in line with objectives of the Kingdom’s Vision 2030.

The successful completion of our Syndicated financing is a testament to our strong business fundamentals and our confidence in the future of Makkah hospitality and retail market in alignment with kingdom’s ambitious goal to host 30 million pilgrims by 2030.

The Clock Towers is the market leader in Makkah hospitality and retail sector. The underlying assets financed under the transaction include: Makkah Clock Royal Tower, A Fairmont Hotel, Raffles Makkah Palace Hotel, Makkah Swissotel, Swissotel Al Maqam,  Shopping Mall, and other operating assets.

For further information, please follow The Clock Towers social media:

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