Emaar EC loans reach SAR 10 bln, CEO says

Loans borrowed by Emaar the Economic City (Emaar EC) have reached SAR 10 billion, of which 50 percent are governmental loans, said Fahd Al-Rasheed, the company’s chief executive officer.

Emaar EC, which helped develop King Abdullah Economic City (KAEC), has already been able to attract over 95 companies to invest in KAEC’s industrial zone, he was quoted as saying by Alriyadh newspaper.

Al-Rasheed said KAEC is creating investment opportunities for Saudi and foreign companies.

Emaar EC recently secured a SAR 1.25 billion Murabaha credit agreement from Alinma bank, according to data reported by Argaam.

KAEC is a megaproject first announced in 2005 with a total development area of 173 km².

The financial hub is located along the coast of the Red Sea, around 100 km north of Jeddah, the kingdom’s second largest city.

The project’s total cost is estimated at $86 billion (around SAR 207 billion).