RIYADH: Knowledge Economic City has agreed to borrow SR782 million ($209 million) from the Saudi Tourism Development Fund and Riyadh Bank for the development of the Knowledge City Hub project in Madinah. The financing, which covers 79 percent of the project development cost, will be repaid over 13 years with collateral in the form of plots of land from the company’s land
RIYADH: A $480 million fund to build a luxury resort at King Abdullah Economic City (KAEC) has been launched.
Emaar The Economic City (Emaar EC) announced in a Saudi stock market filing on Sunday that a framework cooperation agreement to establish the investment fund had been signed.
It said the agreements would be signed with the Saudi Tourism Development Fund, the Turkish investment company FTG Development, Saudi bank Albilad’s investment company, Albilad Capital, and Curacao-based finance company Ekofine Holding BV.
The fund will be allocated toward the development and operation of a five-star resort and hotel under the Dubai-based Rixos brand, owned by Accor International, according to a company statement.