A club of banks comprising Calyon, Gulf International Bank, Arab Bank, and Emirates Bank International, has raised Saudi Riyal 3.2 billion (USD 854 million) for the Saudi Binladin Group (SBG). The project sponsor is Saudi Aramco and the total cost of the project is SAR 4.887 billion (USD 1.32 billion). The funds will be used by SBG for the construction of a housing project for King Abdullah University of Science and Technology outside of Jeddah.
The financing transaction featured a major Islamic element in the form of a Commodity Murabaha facility (cost plus financing), a letter of credit facility and guarantee issuing facilities.
This was the single largest facility arranged for SBG and the only one to comprise only international banks outside Saudi Arabia.