King Abdullah Center Management Company secures a financing deal worth 12 billion riyals

By Hadeel Al-Sayegh

BENGALURU, June 15 (Reuters) - King Abdullah Financial District Development and Management Company said in a statement on Monday that it had secured a 12 billion riyal ($3.2 billion) Islamic Murabaha financing deal, the first loan financing obtained by the subsidiary of Saudi Arabia’s Public Investment Fund independently of its government backer.

This 15-year guaranteed financing was arranged by a group comprising Al Rajhi Bank, First Saudi Bank, National Bank of Saudi Arabia, Riyad Bank, Alinma Bank, Arab National Bank, and Gulf International Bank - Saudi Arabia, while Bank Albilad, Mashreq Bank PSC, and National Bank of Kuwait acted as underwriters.

Foreign banks and investment institutions have largely remained on the sidelines of Saudi Arabia’s mega-projects, leaving state-linked developers to take advantage of local liquidity directed toward infrastructure development for Vision 2030.


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