Makkah Construction and Development Co. Announces Obtaining a Sharia-compliant financing from Aljazira Bank
| Element List | Explanation |
|---|---|
| Introduction | Reference to the Company’s announcement published on Tadawul on 31 December 2025 regarding the
purchase of a land plot located on Ajyad Street in Makkah, with a total value of approximately SAR 980 million (inclusive of commission fees and real estate tax), Makkah Construction and Development Co. announces obtaining Sharia-compliant financing (bridge financing) from AlJazira Bank with a total value of SAR 880 million.
These facilities will be utilized to finance part of the purchase value, with the remaining balance funded by the Company’s internal resources. |
| Date of obtaining the funding | 2026-01-29 Corresponding to 1447-08-10 |
| Financing entity | AlJazira bank |
| Financing amount. | SAR 880 million |
| Financing duration. | 6 months |
| Guarantees offered for the financing | Saudi Government Sukuk owned by the Company |
| Financing objective | Utilizing a mix of external financing and internal resources to fund the Ajyad Street land purchase. |
| Related Parties | 1. Mr. Mohammed Abdulkrem Alnafea is a Board Member and CEO of the Company.
2. Mr. Turki Ibrahim Alqonaibet is a Board Member of the company. |
| Additional Information | The purchase of the land plot is intended for the development of a mixed-use asset in a prime location adjacent to the Grand Mosque on Ajyad Street. This strategic move strengthens the Company’s real estate portfolio and aligns with its strategy to drive growth and enhance long-term value creation. |
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