Riyadh – Mubasher: Knowledge Economic City Company has completed procedures to obtain a SAR 782 million financing facility from the Tourism Development Fund and Riyad Bank.

With a 13-year repayment period, the financing will contribute to the construction cost of phase one of the Knowledge Economic City Hub project, according to a bourse filing on Sunday.

Secured by the land of the Knowledge Economic City Hub Project, the long-term Murabaha financing facility is expected to cover 79% of the project construction's cost.

The company will complete the project's first phase and start its operations in 2024.