Emaar Economic City secures loan worth $533mn from SABB

Emaar Economic City secures loan worth $533mn from SABB
Published: 24 September 2014 - 8:30 a.m.

Saudi Arabia's Emaar Economic City has secured a SR2bn ($533mn) Islamic murabaha loan from Saudi British Bank (SABB), an affiliate of HSBC Holdings, reports Reuters.

The company will use the loan, which matures in September 2021, to build residential and infrastructure projects in King Abdullah Economic City, it said in a statement to the Saudi stock market.

Emaar Economic City, a consortium headed by Dubai's Emaar Properties and Saudi investors, focuses on building King Abdullah Economic City, a special economic zone on Saudi Arabia's Red Sea coast near Jeddah.

The zone is projected to be the size of Washington DC when completed, hosting as many as 2mn people and helping to diversify the kingdom's economy beyond oil into light industry and shipping.

 


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