Riyadh –  Emaar The Economic City has entered a rescheduling agreement with Banque Saudi Fransi for a Tawarruq credit facility worth a total of SAR 587.5 million.

The financing duration after signing the new deal will be from March 2017 to October 2029, according to a bourse disclosure on Tuesday.

The previous duration was until April 2023.

The amended financing includes SAR 537.5 million in addition to interest rate hedging facility of SAR 50 million.

Emaar The Economic City aims to facilitate its cash flow position and enhance its ability to move forward with its growth plans through rescheduling the Tawarruq loan.

Source: Mubasher

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