Emaar The Economic City (Emaar EC) said in a statement to Tadawul website that it signed on Dec. 9 a SAR 1,250 million Murabaha agreement with Alinma Bank.
The loan period extends from Dec. 9, 2014 until Dec. 8, 2022.
The purpose of the loan is to develop the Haramain district in King Abdullah Economic City, the company added.
The loan is guaranteed by mortgage lands within the King Abdullah Economic City.
Photo Credit: Arabianeye-Reuters