Knowledge Economics City signs facilities agreement with Riyad Bank for SAR 417 mln

The Knowledge Economics City Company (the Company) announced on Monday the signing of a Sharia-compliant credit facilities agreement of SAR 417.04 million with Riyad Bank on 22 October 2023.

The Company said that these facilities agreements include SAR 300 million as a Corporate Loan, SAR 94 million as Project Financing for Al-Alya Project and SAR 23.04 million as a Profit Rate Swap (Hedging).

The tenure of the Corporate Loan of SAR 300 million is 5 years, including a grace period of 3 years, and the tenure of Al Aliya project financing facility is 4 years, including a grace period of 2 years.

The Company added that the facilities are collaterally secured by mortgage of land plots and promissory notes.