Emaar Economic City affiliate signs $720m loan

Emaar Economic City affiliate signs $720m loan
Emaar is developing King Abdullah Economic City near Jeddah.
Published: 8 September 2016 - 4:30 a.m.
By: CW Staff

Saudi Arabia’s Emaar Economic City affiliate has received a $720m (SAR2.7bn) Islamic loan from banks in order to finance phase 2 of building King Abdullah Port, the company has announced.

Ports Development Co secured a murabaha facility from Arab National Bank and Saudi British Bank with a tenure of 14 years, Reuters reported.

The loan is backed by collateral, including the port’s plot of land.

Emaar is developing King Abdullah Economic City, a massive business zone on the Red Sea coast near Jeddah.

 

A source familiar with the matter told Reuters last week that the Public Investment Fund, Saudi Arabia’s top sovereign wealth fund, was negotiating to buy a stake in the project in order to accelerate its development.


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