Saudi Arabia's Knowledge Economic City Company has secured a Shariah-compliant financing of 150 million Saudi riyals ($39.97 million) from Riyad Bank to fund the Islamic World District (IWD) project.

The one-year facility, obtained on June 17, 2026, will be used for construction work on clusters 1 and 2 of the first phase of IWD, the developer said in a statement to the Saudi stock exchange.

 In November 2025, the company said its subsidiary, Algharraa International Company, signed two infrastructure development contracts worth SAR 149 million for the first phase of the IWD project.

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

The project is situated just 100 meters 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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