Makkah Construction pens $120mln credit facility with Bank Albilad

The company already received the first tranche of the loan

  
An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Riyadh –  Makkah Construction and Development Company has signed a SAR 450 million credit facility with Bank Albilad.

The nine-year facility will be used to finance renovation and development in hotels and towers in Makkah, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company already received the first tranche of the loan valued at SAR 50 million.

It is worth mentioning that the credit facility has a grace period of two years.

Source: Mubasher

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