Qiddiya Investment Company has signed a $700m Islamic Murabaha financing facility to finance the construction of Six Flags Qiddiya City.

UK export credit agency (ECA) UK Export Finance (UKEF) will guarantee the financing based on the project procuring some goods and services from UK suppliers. It is UKEF’s largest Murabaha financing and the region’s largest-ever ECA-backed Islamic financing made on a corporate basis.

UKEF was supported by reinsurance from Dutch ECA Atradius Dutch State Business, Italian ECA Sace and German ECA Euler-Hermes Aktiengesellschaft.

Credit Agricole CIB acted as the ECA coordinating bank, structuring and documentation bank and investment agent. It worked with a syndicate of banks comprising HSBC and BNP Paribas as mandated lead arranger.

The $1bn main construction contract for the Six Flags project was awarded to a joint venture of France’s Bouygues Batiment International and the local Almabani General Contractors in December 2021.

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