The Alinma Jeddah Economic City Fund secured shari’a compliant financing of up to $959m from Alinma Bank on December 10 2015.
The funding will be used to build and develop infrastructure for phase-one of Jeddah Economic City project and to continue the construction of Jeddah Tower which has now reached its thirty seventh floor, in addition to developing a number of primary real estate projects within the general Master Plan. The first phase of the project is expected to take five years.
Developer on the project, Jeddah Economic Company, is the 100% owner of the Alinma Jeddah Economic City Fund’s units, which is a closed-end private, Capital Market Authority (CMA) approved, shari’a compliant real-estate investment fund.
H.R.H Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairperson of Jeddah Economic Company and chairperson of Alinma Jeddah Economic City Fund Board said: “Securing the financing for this project expresses the financial sector’s trust in the real-estate market in Saudi Arabia in general as well as in the Jeddah Economic City Project and its development plans.”