RIYADH, (Reuters) – Saudi developer Jabal Omar 4250.SE said on Sunday its shareholders approved a 38.4 percent capital increase through a rights issue, as it seeks to finance a major project.

The company will issue one share for each 2.6 outstanding shares at 10 riyals per share and the firm’s capital will be raised from the current 6.7 billion riyals to 9.3 billion riyals ($2.48 billion), it said in a statement on Saudi Arabia’s bourse website.

In October, the developer secured a 1.35 billion ($360 million) riyals bridge loan to finance building the project close to the Grand Mosque in Mecca, Islam’s holiest city.

The project will include luxury hotels, shops and houses.

The developer also sought shareholders’ approval last year for a change in its basic charter that would allow it to borrow more.

Saudi Arabia’s bourse .TASI earlier on Sunday amended Jabal Omar’s closing stock price on Saturday to 14.9 riyals a share from 16.8 riyals to adjust for the capital increase.

Last week, Saudi developer Emaar Economic City received a 5 billion riyals loan ($1.33 billion) from the kingdom’s finance ministry to speed up construction of a project.