‎KEC expects to finalize SAR 782 mln finance agreement with Riyad Bank, Saudi Tourism Fund before Dec. end

‎KEC expects to finalize SAR 782 mln finance agreement with Riyad Bank, Saudi Tourism Fund before Dec. end

Knowledge Economic City (KEC) announced today that the documentation for the finance agreement signed with Riyad Bank and Saudi Tourism Development Fund is in its final stage, saying that all parties involved in this agreement are in the process of finalizing agreements for the execution of this facility and expect it to be completed before the end of December 2021.

The company noted that construction of the project has already started on site and therefore, this additional time on the execution of this facility will not impact the project construction progress and the initial expected time of completion. It also noted that there is no financial impact currently.

The company signed, on April 22, 2021, an agreement with Saudi Tourism Development Fund and Riyad Bank to provide SAR 782 million financing for the development of the Knowledge City Hub project, the company said in a bourse filing.

The facility will be used for developing the first phase of the project, which includes a mall, hotel, and boulevard.

The financing will cover 79% of the project development cost (excluding land value).