Port Development Co. inks SAR 1 bln Murabaha deal with SABB, ANB

Port Development Co. (PDC), a subsidiary of Emaar the Economic City (Emaar EC), signed on Sunday a SAR 1 billion Murabaha deal with SABB and Arab National Bank (ANB) to finance the development of King Abdullah Port.

Emaar said in a statement to Tadawul that the finance period will start from the date that the deal was signed. The funding period starts on Dec. 31, 2015. The deal is guaranteed by the land’s port, as well as guarantees of payments from Emaar EC and Huta Marine Works, as they own the company.