KAFD operator secures $3bn loan for further development
The developer and operator of Riyadh’s King Abdullah Financial District has obtained a multi-billion-dollar loan to support its long-term development priorities.
King Abdullah Financial District Development and Management Company (KAFD DMC) secured a SAR12 billion ($3.2 billion) Islamic Murabaha credit facility for 15 years from a consortium of 10 local and regional banks.
The loan will support development across the district. The terms of the facility were not disclosed.
The banks participating included Al Rajhi Bank, Saudi Awwal Bank, Saudi National Bank, Riyad Bank, Alinma Bank, Arab National Bank, Gulf International Bank – Saudi Arabia, Bank Albilad, Mashreqbank and National Bank of Kuwait.
“Securing this multi-bank facility is a strong vote of confidence in KAFD’s strategy and proven delivery record,” said KAFD DMC managing director John Pagano.
KAFD DMC has been wholly owned by the Saudi Public Investment Fund since 2018.
In July 2025 AGBI reported that KAFD DMC was planning to double the financial district’s area by expanding it to the north, east and south. Its total area currently measures 1.6 sq km.
Further reading:
- Projects awarded in Saudi Arabia hit $8bn in May
- The next phase of Vision 2030 will be more Saudi
- Saudi IPO woes continue as contractor withdraws offering
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