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FINANCIAL NEWS
Saudi EMAAR to raise USD266m for King Abdullah Economic City project
06 May 2014
(MENAFN) Emaar Economic City (EMAAR) will raise USD266 million to help finance the King Abdullah Economic City construction work and, in the following four years, spend USD3.462 billion on the project, according to Arab News.
Fahd Al-Rasheed, CEO of Emaar Economic City, said that Emaar Economic City plans to borrow the needed money from two or three banks before the end of 2016.
Al-Rasheed said: “We”re spending about SR13 billion over the next four years, which is a significant amount but we are doing a lot of it through sales. Our cash flow is healthy.”
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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