The management of the King Abdullah Financial District (KAFD) signed an agreement on Tuesday with Al Rajhi Capital to arrange a US$3.2 billion (SAR 12 billion) financing facility through a consortium of Saudi and Gulf-based banks.

The participating institutions are:

▪️ Saudi Awwal Bank (SAB)

▪️ Saudi National Bank (SNB)

▪️ Riyad Bank

▪️ Alinma Bank

▪️ Arab National Bank

▪️ Bank Albilad

▪️ Mashreq Bank (Dubai)

▪️ National Bank of Kuwait (Kuwait)

▪️ Gulf International Bank (Bahrain)

KAFD said the financing would be used to meet its operational and funding requirements, but did not provide further details regarding the nature of those requirements or how the proceeds would be allocated.

The announcement comes amid ongoing scrutiny of financing needs associated with major development projects across Saudi Arabia.