Close

Loading search results

No result found , please try different keywords..

Other results that match your search

Saudi Arabian Government signs SAR 5 billion loan agreement with Emaar, The Economic City to drive second phase of King Abdullah Economic City

Dubai, UAE; May 25, 2011: The Saudi Arabian Ministry of Finance has signed a loan agreement with Emaar, The Economic City (Emaar.E.C), a Tadawul-listed company, for SAR 5 billion (US$ 1.33 billion) to accelerate the development of the second phase of King Abdullah Economic City (KAEC), the largest of its kind private sector development in the region.

• Alabbar thanks the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al Saud for his support

Dubai, UAE; May 25, 2011: The Saudi Arabian Ministry of Finance has signed a loan agreement with Emaar, The Economic City (Emaar.E.C), a Tadawul-listed company, for SAR 5 billion (US$ 1.33 billion) to accelerate the development of the second phase of King Abdullah Economic City (KAEC), the largest of its kind private sector development in the region.

Mr Mohamed Alabbar, Chairman, Emaar.E.C and Emaar Properties PJSC, thanked the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al Saud for his support to the project, which is billed to usher in a new era of socio-economic prosperity to the Kingdom. Emaar Properties is a majority shareholder in Emaar.E.C.

“KAEC is a perfect complement to the Saudi Vision 2020, led by the pillars of economic diversification focused on manufacturing and exports, and creation of new jobs for Saudi nationals through the active involvement of the private sector. A full-fledged development featuring a sea port, homes, offices, hotels, industrial facilities  and leisure destinations, KAEC will serve as a catalyst to attract foreign investment, global trade, commerce and industry to Saudi Arabia,” said Mr Alabbar.

The loan agreement was signed by His Excellency Dr Ibrahim Al-Asaf, Saudi Arabian Minister of Finance, and Mr Fahd Al Rasheed, Managing Director & CEO of Emaar.E.C. As per the agreement, the commercial loan is for a tenor of ten years with repayment commencing after three years. Emaar.E.C has provided guarantees to the loan by collateralizing 24.7 million sq metres of land. Repayments are to be made through returns from the project.

The first phase of KAEC has already been completed with residents and businesses moving in to the development. The loan will expedite the development of the second phase of the project. Located on the Red Sea coast, over a total area of 168 million sq m, KAEC has six zones - the Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort District and Residential Communities. The project is closely connected with Saudi Arabia’s ongoing initiative to expand the domestic economy

Emaar Worldwide

Find an agent close to you.

Emaar officesDubai Sales Centrelocation map