Saudi Arabia-listed Knowledge Economic City Company (KEC) has secured 150 million Saudi riyals ($40 million) to fund the infrastructure work of the Islamic World District project in Madinah.

The Shariah-compliant facility, which has a four-year tenure, was obtained from Banque Saudi Fransi, the developer said in a statement to the Saudi stock exchange on Tuesday.

The facility is guaranteed through the land mortgages and promissory notes.

In November 2025, KEC said its subsidiary, Algharraa International Company, signed two infrastructure development contracts worth SAR 149 million for the first phase of the Islamic World Avenue District project.

The IWD project is located in the southeastern zone of KEC. The company has allocated 900,000 square metres (sqm) for the development, which has been designed in line with the Transit-Oriented Development (TOD) concept. 

The project is situated 100 metres from the Haramain High-Speed Railway Station and is directly connected to the Madinah Gate Project, the Kingdom's first TOD development.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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