AlRajhi Bank is thrilled to announce the completion of a monumental Syndicated Murabaha Financing Agreements with the Clock Towers Companies, reaching an impressive sum of SAR 6 billion. This significant financial partnership underscores the bank's role as both the facilities and guarantee agent, marking a historic milestone in the financial landscape of Makkah's hospitality and retail sectors for the first quarter of 2024. Al Rajhi Bank acted in its capacity as the Investment & Security Agent for the Syndicated Facilities.

This strategic financing initiative, amounting to SAR 6 billion, aims to refinance existing debts, boost working capital, and support expansive development projects. It reflects the robust operational success of the Clock Towers Companies and signals a deep-seated confidence in the future growth of Makkah's hospitality and retail markets. This optimism is in harmony with the Kingdom of Saudi Arabia's Vision 2030 goals, which include welcoming 6 million pilgrims and 30 million Umrah participants by 2030.

The Clock Towers Companies, a consortium of elite hospitality and retail entities in Makkah, is poised to leverage this financing to enhance several key properties. Among these are the iconic Makkah Clock Royal Tower, Fairmont Hotel, Raffles Makkah Palace, Makkah Swissotel, Swissotel Al Maqam, Shopping Mall, along with other operating assets.

The Clock Towers Companies, a consortium of elite hospitality and retail entities in Makkah, is poised to leverage this financing to enhance several key properties. Among these are the iconic Makkah Clock Royal Tower, Fairmont Hotel, Raffles Makkah Palace, Makkah Swissotel, Swissotel Al Maqam, Shopping Mall, along with other operating assets.

AlRajhi Bank's commitment to facilitating this substantial agreement not only showcases our dedication to supporting the Kingdom's vision but also strengthens the financial foundations and future prospects of the Clock Towers Companies. Together, we are setting new benchmarks for the hospitality and retail sectors in Makkah, fostering economic growth, and enhancing the spiritual journey of millions of visitors to the holy city.