Umm Al Qura for Development & Construction Company (Masar) has secured a Sharia-compliant revolving credit facility from Saudi Awwal Bank.

The facility is valued at 500 million Saudi riyals ($133.24 million), which will finance general working capital requirements, the developer of Masar Destination, a mixed-use development in Makkah, said in a statement to the Saudi stock exchange.

The facility is guaranteed by a mortgage of the title deeds and a promissory note in an amount equal to the facility's limit.

In January 2026, Masar signed a non-binding memorandum of understanding to set up a SAR 221 million real estate fund to develop a hotel at Masar Destination.

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

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