Knowledge Economic City (KEC) Company has obtained Shariah-compliant project financing of 152 million Saudi riyals ($40.44 million) from The Saudi Investment Bank (SAIB). 

The financing will be used to complete the construction of the Educational Complex within KEC in Madinah, which will be managed and operated by Riyadh Schools Group, an affiliate of Mohammed Bin Salman Foundation (Misk), the company said in a statement to the Saudi stock exchange.

 The financing has a 15-year term, with a mortgage over the land and promissory notes provided as guarantees.

The company's strategy is to develop high-quality educational assets within KEC.

Last month, Economic City Company secured a Shariah-compliant financing of SAR 150 million from Riyad Bank to fund the Islamic World District (IWD) project.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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