King Abdullah Financial District Development and Management Company secured 12 billion Saudi riyals ($3.2 billion) to accelerate development of its flagship King Abdullah Financial District in Riyadh. 

The 15-year, senior-secured Murabaha facility was arranged from a syndicate of seven Saudi and three regional banks, the developer said in a statement.

Al Rajhi Capital acted as the structuring advisor for the facility, with participation from Al Rajhi Bank, Saudi Awwal Bank, Saudi National Bank, Riyad Bank, Alinma Bank, Arab National Bank, Gulf International Bank – Saudi Arabia, as mandated lead arrangers, along with Bank Albilad, Mashreqbank and National Bank of Kuwait as the bookrunners. 

The facility diversifies funding sources and bolsters KAFD’s ability to execute its long-term strategic priorities since its acquisition by the Public Investment Fund in 2018, the statement said.

The Islamic credit facility will be used for further development across the district, including the continued delivery and enhancement of KAFD’s assets, supporting the district’s long-term development objectives and positioning as a leading global business and lifestyle destination.

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

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