Makkah Construction and Development Co. (MCDC), listed on the Saudi Tadawul, has landed 880 million riyals ($235 million) in shariah-compliant financing from Aljazira Bank.
The funding will be used to acquire a prime land parcel in Makkah valued at around 980 million riyals, with the developer covering the balance from its own resources.
The six-month bridge loan is backed by a Saudi government sukuk, providing a secure foundation for the deal. MCDC plans to transform the site next to the Grand Mosque into a mixed-use development, adding a new chapter to the city’s evolving urban landscape.
