Emaar the Economic City signs term loan facility agreement of up to SAR one billion with PIF

Emaar The Economic City “EEC” announced on Monday the signing of a term loan facility agreement of up to SAR one billion with one of its substantial shareholders (the Public Investment Fund), the financing amount is repaid through a single bullet payment at maturity, as the financing duration is 18 months from the date of the loan agreement.

Regarding the Guarantees offered for the financing, the Company said that the 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.

The Financing objective is 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.