DUBAI, Sept 7 Saudi Arabia's Emaar the Economic
City said on Wednesday that an affiliate had obtained
a 2.7 billion riyal ($720 million) Islamic loan from banks to
finance the second phase of building King Abdullah Port.
Ports Development Co secured a murabaha facility from Arab
National Bank and Saudi British Bank with a
tenor of 14 years, Emaar said in a bourse statement. The loan is
backed by collateral, including the port's plot of land.
Emaar is developing King Abdullah Economic City, a massive
business zone on the Red Sea coast near Jeddah. A source
familiar with the matter told Reuters last week that the Public
Investment Fund, Saudi Arabia's top sovereign wealth fund, was
negotiating to buy a stake in the project in order to accelerate
(Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)