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FinancialNews
21-02-23
Emaar, PIF ink term loan deal valued at USD270M
(MENAFN) Emaar The Economic City has inked a term loan deal of up to SR1 billion (USD270 million) with Saudi Arabia’s sovereign wealth fund, in line with a filing to the Kingdom’s share exchange.
The announcement pointed out that the loan is going to be compensated via a single bullet payment upon maturity.
The funding timespan for the term loan is a year and a half from the date of the deal, it also mentioned.
The filing additionally pointed out that the term loan deal is guaranteed by real estate assets within King Abdullah Economic City which has a market worth of no lower than SR1.5 billion.
The firm also supplied promissory notes pursuant to the deal, the filing also mentioned.
Via the term loan deal, the firm targets to grow planned strategies and ventures in King Abdullah Economic City.
“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,” according to Emaar EC in the filing.
MENAFN21022023000045014228ID1105606825
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