Saudi Arabia's Emaar The Economic City (EEC) said on Thursday the grace period before starting to repay a SR5-billion ($1.33 billion) loan it signed with the kingdom's Ministry of Finance in 2011 has been extended by five years.

The first payment will commence in 2020 and the rest of the payments will be due over the period until 2026, EEC said in a bourse statement.

The company, a consortium headed by top Dubai real estate developer Emaar Properties and Saudi investors, is building King Abdullah Economic City, a special economic zone on Saudi Arabia's Red Sea coast near Jeddah.-Reuters