Emaar Economic City to receive government loan
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Emaar Economic City to receive government loan

Emaar Economic City to receive government loan

The Saudi finance ministry will provide Emaar Economic City with a SR5bn ($1.33bn) loan soon, Reuters has reported, citing two sources familiar with the deal. The developer is spearheading the development of King Abdullah Economic City, a project aimed at building a new high-tech city on the Red Sea coast with business, industrial, leisure and residential estates as well as a giant port. The loan will help the developer to speed up the development of the city, another source close to the project told the news service in January.

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