Logo of Makkah Construction and Development Co.
Makkah Construction and Development Co. (MCDC) said it has renewed its SAR 880 million Shariah-compliant financing facility with Bank AlJazira. 
In a statement to Tadawul, the company said it had evaluated financing offers from multiple lenders and selected Bank AlJazira’s proposal as the most competitive in terms of pricing and financing terms.
The facility was renewed on July 29 for an initial term of three months and may be renewed for successive three-month periods, subject to the continued competitiveness of its pricing and terms.
The financing is secured by a Saudi government sukuk owned by the company.
Makkah Construction said the facility will provide liquidity to support its funding requirements and strategic projects, contributing to future growth and enhancing shareholder value.
The company said board member and CEO Mohammed Alnafea and board member Turki Alqonaibet are related parties to the transaction.
Makkah Construction added that, in accordance with its corporate governance framework and applicable regulations, the transaction was reviewed by the audit committee and approved by the board of directors, with the interested board members abstaining from deliberations and voting.
Logo of Makkah Construction and Development Co.
Makkah Construction and Development Co. (MCDC) said it has renewed its SAR 880 million Shariah-compliant financing facility with Bank AlJazira.
In a statement to Tadawul, the company said it had evaluated financing offers from multiple lenders and selected Bank AlJazira’s proposal as the most competitive in terms of pricing and financing terms.
The facility was renewed on July 29 for an initial term of three months and may be renewed for successive three-month periods, subject to the continued competitiveness of its pricing and terms.
The financing is secured by a Saudi government sukuk owned by the company.
Makkah Construction said the facility will provide liquidity to support its funding requirements and strategic projects, contributing to future growth and enhancing shareholder value.
The company said board member and CEO Mohammed Alnafea and board member Turki Alqonaibet are related parties to the transaction.
Makkah Construction added that, in accordance with its corporate governance framework and applicable regulations, the transaction was reviewed by the audit committee and approved by the board of directors, with the interested board members abstaining from deliberations and voting.
