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Emaar, the Economic City, the developer of King Abdullah Economic City in Jeddah, has appointed Abdulaziz Ibrahim Alnowaiser as its new CEO effective May 1. An industry veteran, he has extensive background in turnaround, finance and corporate governance.
Saudi Arabia’s Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) signed on Nov. 28 a financing agreement through which PIF has secured a term loan, from a syndicate of nine top international lenders. The financing carries a door-to-door tenor of 13 years and will initially be set at $3 billion (nearly SAR 11.2 billion), with an option to increase to $5 billion (nearly SAR 18.7 billion), subject to pre-agreed terms and conditions.
PIF said the deal is the first export credit agency financing by the sovereign fund and will help finance exports from Korea to Saudi Arabia.
Organized by the Economic Cities and Special Zones Authority, the forum saw the launch of four special economic zones in the Kingdom
Middle Eastern institutions and economies push for sustainability.