Knowledge Economic City secures SAR 305M loan from Riyad Bank

09:44 AM (Mecca time) Argaam
Logo of Knowledge Economic City which secured a SAR 305 million loan from Riyad Bank

Logo of Knowledge Economic City which secured a SAR 305 million loan from Riyad Bank

Knowledge Economic City (KEC) secured Shariah-compliant financing of SAR 305 million from Riyad Bank, the company said in a filing to Tadawul today, Aug. 26.

 

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The facility will be utilized for the execution of the remaining residential component of the Al-Alya project, with a loan tenure of four years.

 

The guarantees offered for the financing are land mortgages and promissory notes, the company said, adding that there are no related parties to the deal.

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