Hajar Tower

Sidra Capital’s Corporate Finance & Advisory team has successfully arranged a Murabaha Financing Facility from Alinma Bank, on behalf of Hajar Tower Real Estate Company (HTREC) worth SAR400million. The proceeds of the facility have been used to settle the company's obligations to the promoter of the Abraj Al Bait complex in Makkah. HTREC is an alliance of leading organizations which holds substantial economic interest in the region, especially their mega projects that they are working on locally and globally. Hajar Tower is a 41 floor (1,298 rooms) building within the Abraj Al Bait development in Makkah. The hotel and residences are currently managed by the Moevenpick Hotel and it is the largest room inventory being managed by any international chain of hotel operators in Makkah. Hajar Tower is a unique product which responds to the needs of the Muslim pilgrims of having a good quality accommodation within 100 meter from the Holy Mosque. As financial advisor to HTREC, Sidra Capital managed to secure financing proposals from both local and international banks before finalizing with Alinma. This shows the success story of HTREC as well as the attractiveness of Makkah and Madina to investors.