Saudi Arabia's biggest property developer Dar Alarkan said the Public Investment Fund has approved a SR4 billion ($1 billion) facility to finance the Qasr Khozam development project in Jeddah.

'This funding will contribute to the project by accelerating the development operations and pushing ahead to the next phase of sending evacuation notifications, the compensation and transfer of ownership of the properties located in the project area,' the company said in a bourse statement on Saturday.-Reuters