Company says it will use loan to build residential and infrastructure projects in King Abdullah Economic City
Saudi Arabia's Emaar Economic City has secured a SR2 billion ($533 million) Islamic murabaha loan from Saudi British Bank (SABB), an affiliate of HSBC Holdings, the company said on Wednesday.
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 2 million people and helping to diversify the kingdom's economy beyond oil into light industry and shipping.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.