Emaar inks 2 bln riyal Islamic finance deal

24/09/2014 Argaam

Emaar, The Economic City inked a two billion riyal Islamic finance deal with the Saudi Arabian British Bank (SABB) to finance new projects, a filing to Tadawul said.

The seven-year murabaha facility will be used to finance several residential and infrastructure projects within King Abdullah Economic City, said Emaar.

The facility is collateralized by Emaar’s 50 percent stake in the Ports Development Company (PDC).

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