Saudi-listed Knowledge Economic City has secured new funding to complete the remaining residential component of Al-Alya’a mixed-use project in Madinah.
The company obtained a Shariah-compliant credit facility of 305 million Saudi riyals ($81.29M) from Riyad Bank, the company said in a statement to the Saudi stock exchange. The loan has a four-year duration, with land mortgages and promissory notes given as guarantees.
The 2.6 billion Saudi riyals ($613M) Al-Alya’a project covers an area of 269,000sq m and will have a hotel, hotel apartments, housing, office and retail components.
