Emaar The Economic City (“EEC” or the “Company”) announces the signing of a term loan facility agreement of up to SAR 1,000 million with one of its substantial shareholders (the Public Investment Fund).
Date of obtaining the funding
2023-02-19 Corresponding to 1444-07-28
Financing entity
Public Investment Fund
Financing amount.
Up to SAR 1,000 million to be repaid through a single bullet payment at maturity
Financing duration.
18 months from the date of the loan agreement
Guarantees offered for the financing
Security over certain real estate assets within King Abdullah Economic City (“KAEC”) with a market value of no less than SAR1,500 million. The Company has also provided promissory notes pursuant to the agreement.
Financing objective
To enhance strategic plans and projects in King Abdullah Economic City KAEC. These projects and plans will help support the growth and development of KAEC to become a leading industrial, commercial and tourism hub for the Western Coast of the Kingdom of Saudi Arabia.
Related Parties
Public Investment Fund as one of the substantial shareholders in the Company.
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