Emaar EC announces the financing sources for phase1 of King Abdullah port expansion project

Emaar the economic city company (Emaar EC) announced today on tadawul the financing sources of King Abdullah port expansion project which will be implemented by Port Development Company (PDC) at a total cost of SAR 3bn as follows:

1. SAR 500m: by Emaar EC representing its share in PDC out of which SAR 236m has been paid already.
2. SAR 200m: by Emaar EC representing the land of this phase the amount which will be added to Emaar EC’s share in PDC to become SAR 700m.
3. SAR 1.35bn: by Bin Laden group representing its share in PDC out of which SAR 457m has been paid already.
4. SAR 1bn: representing a loan provided by Emaar EC to PDC with a term of 10 years.

The project is expected to start operations during H2 of 2013 with an operational capacity of 1.7 container ships expandable to 4m upon completing this phase.