Emaar EC unit gets SAR 2.7 bln Islamic loan from SABB, ANB

Emaar the Economic City said its 50 percent-owned subsidiary, Ports Development Company (PDC), inked a Murabaha facility agreement with Arab National Bank (ANB) and Saudi British Bank (SABB) at a total value of SAR 2.7 billion.

The loan will extend from Sept. 6, 2016 to June 30, 2030, the real estate developer said in a statement to Saudi bourse, adding that it will be used to help finance the second phase of King Abdullah Port.

The expansion plan will bring the port’s production capacity to five million TEUs, in addition to developing the floating docks, which will comprise 600,000 vehicles p/a, and adding goods terminal with a capacity of four million tons p/a.