Monday, December 10, 2007

Construction: Bin Ladin Group to build commercial complex the size of Monaco

Saudi Arabia's Bin Ladin Group is raising a $500 million Islamic loan for a $6 billion project to build seven towers with shops and apartments just outside the holy shrine in Makkah.

The towers will have residential and retail facilities for about 65,000 people, their floors covering 1.4 square kilometre - an area roughly the size of Monaco. The project is due for completion in 2009.

The five-year loan complies with Islam's ban on lending interest and is structured as an Ijara, or lease agreement.