Jabal Omar Development Company has agreed a SR1.6 billion ($426 million) financing deal for its vast construction project in Makkah.
The Ministry of Finance has issued a guarantee for the credit facility provided by Saudi Bank Fransi, the developer said in a Tadawul stock exchange filing on Wednesday.
The funds will be used to complete the remaining work on the third phase of the sprawling Jabal Omar project, which consists of four towers with 2,160 rooms and a total commercial area of 26, 435 square meters.
Jabal Omar is a multi-use real estate mega development project within walking distance of The Grand Mosque of Makkah.
The project will include a variety of 4-star and 5-star hotels with the capacity to host 36,000 visitors annually, and more than 100,000 visitors during Hajj season.
The credit facility will be in place for 15 years, Jabal Omar said in the statement.
CAPTION: Jabal Omar is developing more than 2,000 new hotel rooms in Makkah. (Supplied)
