Makkah Construction and Development Company has secured a Shariah-compliant bridge financing of 880 million Saudi riyals ($234.62 million) from Bank AlJazira.
 
The company will use the facility and internal resources to fund the land plot in Makkah, it said in a statement to the Saudi stock exchange.
 
The loan duration is six months and is guaranteed by the company-owned government sukuk.
 
In December, the developer purchased a land plot 500 meters from the Grand Mosque plaza in Makkah for SAR 980 million.

The land will be used to develop a mixed-use real estate asset comprising a hotel and a mall.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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