Jabal Omar Development Company, a leading planner and developer for the Jabal Omar mountain area in Saudi Arabia, has signed an agreement with five national banks to secure SR1.35 billion ($360 million) funding for its key projects.

The five banks are Al Rajhi Bank, National Commercial Bank (AlAhli Bank), Bank AlJazira, the Saudi British Bank (SABB) and Saudi Hollandi Bank, said a company statement.

"The funds will be used to accelerate the completion of the first phase of the project which includes nine towers overlooking Ibrahim Al-Khalil and Um Al-Qura streets," remarked Sheikh Abdul Rahman bin Abdul Qadir Faqih, chairman of Jabal Omar Development Company.

"This bridge finance is considered to be a first step towards arranging a Sharia’h compliant syndicate finance that could reach up to SR5 billion in the coming months," he stated.

According to him, Jabal Omar is currently about to satisfy all banks’ requirements to close the syndication finance.

"The size of the funding by these Saudi banks demonstrates the confidence and commitment in supporting grand projects like Jabal Omar; enabling the growth and diversification of the national economy," Qadir Faqih pointed out.

He said that the company, through its financial advisor (AlRajhi Capital), has received an interest from a group of local banks to participate with amounts exceeding SR5 billion.

"This project has led other developers to follow our lead in improving and urbanising the central area surrounding the Mosque. We are fully committed to completing this mega project which serves visitors to the Grand Mosque, a landmark so precious to the hearts of all Muslims around the world,"  Qadir Faqih added.-TradeArabia News Service