From Vision to Investable: KAFD's SAR 12 Billion Murabaha and the Privatization of Gulf Project Finance
King Abdullah Financial District Development and Management Company (KAFD DMC) closed a SAR 12 billion ($3.2 billion) senior-secured Murabaha facility in June 2026. A 10-bank syndicate absorbed the full facility on an oversubscribed book, marking the first time KAFD DMC has raised secured debt on its own balance sheet without a PIF backstop. The deal is one of the largest private-sector real estate financings in Saudi history. The structure and broad domestic demand for the debt signal successful entry into the next phase of maturation for large Vision 2030 giga-projects — standing on their own two feet.