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06-05-14

Saudi EMAAR to raise USD266m for King Abdullah Economic City project

(MENAFN) Emaar Economic City (EMAAR) will raise USD266 million to help finance the King Abdullah Economic City construction work and, in the following four years, spend USD3.462 billion on the project, according to Arab News. Fahd Al-Rasheed, CEO of Emaar Economic City, said that Emaar Economic City plans to borrow the needed money from two or three banks before the end of 2016. Al-Rasheed said: "We"re spending about SR13 billion over the next four years, which is a significant amount but we are doing a lot of it through sales. Our cash flow is healthy."