May 26 2011 |
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Saudi Emaar EC Inks Deal For SAR5B Govt Loan For KAEC Phase 2
Thursday, May 26, 2011
(This story was originally published Wednesday.)
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Emaar the Economic City (4220.SA), or Emaar EC , Wednesday said it has signed an agreement for a commercial loan worth 5 billion Saudi riyals ($1.33 billion) from the Saudi Ministry of Finance.
Emaar EC , which is developing the King Abdullah Economic City, or KAEC, project on the Red Sea coast, said the loan will be repaid over ten years, including a grace period of three years.
According to a media report earlier Wednesday, Fahd Al Rashid, Emaar EC 's chief executive and managing director, said his company has signed a contract to rent out plots of land in the city to Al Rajhi Heavy Industries Co. to implement a 15 billion U.A.E. dirhams ($4.08 billion) steel project.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
26-05-11 0353GMT
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