Riyadh – Mubasher: Emaar the Economic City said its 50% owned subsidiary, Ports Development Co., signed a Murabaha facility deal worth SAR 2.7 billion ($720 million) with Arab National Bank and Saudi British Bank.
The facility's tenor is 14 years, Emaar said in a bourse statement, adding that the loan is backed by collateral, including the port's plot of land.
The subsidiary will use the loan to develop the second phase of King Abdullah Port.
Emaar’s unit aims to raise the port’s annual cargo capacity to reach five million Twenty Foot Equivalent Unit (TEU).
