Saudi Arabia's Makkah Construction and Development Company said on Thursday it had renewed an existing SAR880 million ($235 million) shariah-compliant financing facility with Bank AlJazira.

The three-month facility is renewable for successive three-month periods, the company said in its filing to Saudi bourse Tadawul.

The financing is secured against Saudi government sukuk owned by the company and will be used to meet liquidity requirements and fund strategic projects, it stated.

Makkah Construction and Development reviewed financing offers from several lenders before selecting Bank AlJazira's proposal, citing competitive pricing and terms, it added.-TradeArabia News Service