(MENAFN) Saudi Arabia's Jabal Omar Development Company announced it has signed a USD1.07 billion loan to fund its real estate project in Mecca, Gulf Business reported.
Saudi Arabia's largest developer by market value said that the money will be used to fund the first phase of the project, which includes building a number of hotels in the holy city.
Jabal Omar said that the money will be repaid through the expected revenue of five hotels as well as revenue from leasing shops and selling some residential units in the project's first phase.
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