Jabal Omar Development Company Receives Agreement from Five Banks for SAR1.35 Billion funding
Jabal Omar Development Company, the leading planner and developer for the Jabal Omar mountain area, has received agreements for bridge funding collectively worth SAR1.35 billion from five national banks: Al Rajhi Bank, National Commercial Bank (AlAhli Bank), Bank AlJazira, the Saudi British Bank (SABB) and Saudi Hollandi Bank.
The funds will be used to accelerate the completion of the first phase of the project which includes nine towers overlooking Ibrahim Al-Khalil and Um Al-Qura streets. This bridge finance is considered to be a first step towards arranging a Sharia'h compliant syndicate finance that could reach up to five Billion Riyals in the coming months.
Jabal Omar Development Company is currently about to satisfy all banks' requirements to close the syndication finance. It is worth mentioning that the Company, through its financial advisor (AlRajhi Capital), has received an interest from a group of local banks to participate with amounts exceeding five Billion Saudi Riyals.
Sheikh Abdul Rahman bin Abdul Qadir Faqih, Chairman of Jabal Omar Development Company, stated: "The size of the funding by these Saudi banks demonstrates the confidence and commitment in supporting grand projects like Jabal Omar; enabling the growth and diversification of the national economy.
This project has led other developers to follow our lead in improving and urbanising the central area surrounding the Mosque. We are fully committed to completing this mega project which serves visitors to the Grand Mosque, a landmark so precious to the hearts of all Muslims around the world."