Riyadh-Mubasher: Alinma Jeddah Economic City Fund has secured Sharia-compliant financing of up to SAR 3.6 billion from Alinma Bank on 10 December 2015.
Formulating the financial model of the project with Alinma Bank was finalised based on a financing strategy fulfilling the project’s needs in accordance with the first business plan covering the first phase of the project which is expected to take five years.
The loan will be used to provide funding to build and develop the infrastructure for phase one of Jeddah Economic City project and to continue the construction of Jeddah Tower, in addition to developing some primary real estate projects within the general master plan.
Jeddah Economic Co. (JEC) is the 100% owner of Alinma Jeddah Economic City Fund’s units, which was established by Alinma Investment Co. with a value of SAR 8.4 billion. JEC is the owner and developer of the Jeddah Economic City Project and Jeddah Tower in Obhur, North Jeddah.
