Umm Al Qura stretches multi-bn Alinma debt: PIF-backed developer Umm Al Qura for Development and Construction struck a three-year extension on its Shariah-compliant facilities with Alinma Bank, according to a bourse disclosure. The rescheduling — which covers SAR 4.1 bn Ijara and SAR 400 mn Murabaha — was fully extended to July 2029 from an original 2026 maturity, and aims at “optimizing [the company’s] capital structure,” while enabling it to raise funding at competitive prices.” The debt will be guaranteed by real estate mortgage and promissory notes, the statement said.

IN CONTEXT- Umm Al Qura already drew SAR 2.6 bn from the combined facilities leaving another SAR 1.9 bn available. The liquidity push underscores the scale of Umm Al Qura’s 1.2 mn sqm redevelopment corridor in Makkah Masar Destination, which ranks among the Kingdom’s hyperscale urban schemes, alongside Diriyah, Qiddiya, and the Red Sea.

Other sources of finding: Alongside the refinancing, Umm Al Qura has been cashing-in on Masar land sales, striking a number of sales this month over the last few months, including five plots sold in late July for more than SAR 1.6 bn.

ICYMI- Umm Al Qura has been trading above its SAR 15 debut price since listing in March, closing at SAR 24.10 yesterday. The developer took a 9.1% stake to market, valued at SAR 2 bn, in what was the second largest IPO on Tadawul this year in terms of proceeds raised after Flynas’s SAR 4.1 bn debut. The developer’s share price is up xx% from its final IPO offer price of SAR 15.

IN OTHER DEBT NEWS-

The National Development Fund signed a SAR 3 bn credit facility with Saudi National Bank, bringing its total bank financing to SAR 13.5 bn, it said on X yesterday. The facility is set to support the work of the fund’s 12 affiliated development banks and funds, accelerate job-creating projects, promote private sector participation, and support economic diversification, according to the fund.

ICYMI- NDF inked a SAR 5 bn credit facility with Al Rajhi Bank and Arab National Bank in July, and later in the month signed a SAR 5.5 bn facility with Riyad Bank and Saudi Awwal Bank.

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