EEC, Emaar The Economic City, the master developer of Jeddah-based King Abdullah Economic City, has announced the signing of a term loan facility agreement of up to SAR 1 billion (which accounts for almost $266 million) with the Public Investment Fund (PIF).
The 18-month PIF loan guarantees security over certain real estate assets within King Abdullah Economic City with a market value of no less than SAR 1.5 billion, stated EEC in its filing to Saudi bourse Tadawul.
The master developer said that the loan facility will be used to boost strategic plans and develop projects mainly aimed at transforming KAEC into a leading industrial, commercial, and tourism hub for the western Coast of Saudi Arabia.
As per the deal inked with PIF, EEC has agreed to repay the loan through a single bullet payment on maturity. The company has also provided promissory notes pursuant to the agreement.
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