Riyadh — Mubasher: Makkah Construction and Development Company (MCDC) announced the renewal of an existing Sharia-compliant financing facility with Bank Aljazira at a total value of SAR 880 million on 29 July 2026.
The company selected the offer from Bank Aljazira after evaluating multiple proposals, citing competitive costs and terms, according to a bourse filing.
The facility has a duration of three months and is renewable for successive three-month periods, provided the terms remain competitive at each renewal.
MCDC secured the financing using Saudi government Sukuk owned by the company as collateral.
The primary objective of the renewal is to provide the necessary liquidity to support corporate requirements and execute strategic projects aimed at driving growth.
Related parties to the transaction include MCDC board member and CEO Mohammed Abdulkarim Al Nafea, in addition to board member Turki Ibrahim Al Qunaibit.
According to the disclosure, the transaction was reviewed by the audit committee and approved by the board of directors, with interested members abstaining from the vote to ensure compliance with corporate governance standards.
Earlier in July 2026, the real estate developer MCDC entered into a major renovation contract valued at SAR 372 million with Innovative Roots Industrial Company.
