First published: 18-Jun-2026 12:08:50

Staff Writer

Jabal Omar Development Co., one of Saudi Arabia’s largest listed companies and the developer of Macca, has signed a SAR 2 billion ($533 million) Murabaha financing agreement with Saudi National Bank to refinance existing facilities on improved terms.

The 15-year facility is secured by a mortgage over one asset within the Jabal Omar Project, which is a massive multi-use real estate and hospitality mega-development near the Grand Mosque in Makkah.

The refinancing aims to optimise the company’s repayment schedule and strengthen cash flow sustainability.

While no related parties are involved in the transaction chairman Saeed Al Ghamdi also chairs Saudi National Bank. The deal will therefore be submitted to the company’s upcoming General Assembly for approval, a bourse filing said.

Last year, the company restructured a SAR 4.7 billion ($1.25 billion) loan originally agreed in 2015, increasing the facility size and extending its maturity. The revised facility, arranged by Saudi British Bank (SABB) and Samba Financial Group, has a draw limit of SAR 5.9 billion, around 25% higher than the original amount.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@lseg.com

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