KEC expects to finalize finance agreement with Riyad Bank, Saudi Tourism Fund before December-end

Logo of Knowledge Economic City

Knowledge Economic City (KEC) said that the procedures for obtaining financing from the Tourism Development Fund and Riyad Bank are expected to be complete before December-end instead of this month.

The company explained in a statement to Tadawul that the facility documentation is at the final stage as all parties involved in this agreement are in the process of finalizing agreements for the execution of this facility.

Construction of the project has already started on site. Therefore, this additional time on the execution of this facility as forecasted at the time of signing this facility will not impact the project construction progress and the initial expected time of completion.

Currently, there is no financial impact, the statement said.

On April 22, KEC signed an agreement with the Tourism Development Fund and Riyad Bank to provide SAR 782 million financing to develop the Knowledge City Hub project.

The facility will be used for developing the first phase of the project, which includes a mall, hotel and boulevard. The financing will cover 79% of the project development cost (excluding land value).