Media Centre

Emaar the Economic City, the master developer of King Abdullah Economic City (KAEC) and the Saudi Arabian British Bank (SABB) held a ceremony to conclude the signing of the SR2 billion ($533 million) loan which was approved by the Board of Directors and announced on Tadawul on September 22nd, 2014. The Islamic murabaha loan from SABB is earmarked to support the ongoing development of the residential and industrial sectors of the city and their related infrastructure requirements in King Abdullah Economic City.

“The confidence shown by SABB in making this investment is just further proof that KAEC is steadily and reliably progressing toward its goal of becoming a city for the future and a beacon for fine living in the western region,” said Fahd Al-Rasheed, KAEC Group CEO and MD. “This adds value to our portfolio and accelerates our development plan.”

Mr. Said Arun Hari, Head of Global Banking at SABB Saudi Arabia, ““We are quite happy to be the key financier for the ongoing development of KAEC.”

Strategically located for maximum impact, KAEC is destined to become one of the most important cities in the Middle East region serving global trade. KAEC strengths and the unique business environment represent the future ambition of the whole of Saudi Arabia. King Abdullah Economic City is a prime example of the country’s commitment to private-public partnership development. The city covers 181 million square meters of land and is being developed into a fully integrated city. It consists of the Industrial Valley, King Abdullah Port, the Coastal Communities, the Hijaz District and Haramain Railway Station.