Knowledge Economic City has announced that it has secured a SAR150 million ($40 million) shariah-compliant financing facility from Saudi-based Riyad Bank to fund construction work on the first phase of its Islamic World District project.
The one-year facility will be used for the construction of Clusters 1 and 2 of Phase I of the development, said KEC in its filing to Saudi bourse Tadawul.
The financing is secured by land mortgages and promissory note, it added.-TradeArabia News Service
