Saudi-listed Knowledge Economic City has secured new funding to complete the remaining residential component of Al-Alya'a mixed-use project in Madinah.

The company obtained a Shariah-compliant credit facility of 305 million Saudi riyals ($81.29 million) from Riyad Bank, the company said in a statement to the Saudi stock exchange.

The loan has a four-year duration, with land mortgages and promissory notes given as guarantees.

The 2.6 billion Saudi riyals ($613 million) Al-Alya'a project covers an area of 269,000 square metres (sqm) and will have a hotel, hotel apartments, housing, office and retail components. 

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

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.