Knowledge City inks SAR 417 mln credit facilities with Riyad Bank

23/10/2023 Argaam

Knowledge City inks SAR 417 mln credit facilities with Riyad Bank

Logo of Knowledge Economic City Co. (KEC)

Knowledge Economics City Co. signed on Oct. 22 a Shariah-compliant credit facilities agreement of SAR 417.04 million with Riyad Bank, according to a statement to Tadawul. 

These facilities include a working capital loan worth SAR 300 million, project financing worth SAR 94 million for Al Alya Project, and profit rate swap (hedging) of SAR 23.04 million. 

The five-year working capitalloan has a three-year grace period, while Al Alya Project financing facility has a four-year term with a two-year grace period, the statement added.  

The facilities are secured by mortgages on land plots and promissory notes, and they are intended to fund projects development strategy and working capital. 

No related parties are included in the deal, the statement noted. 

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