Knowledge Economic City secures SAR 305M loan from Riyad Bank

Knowledge Economic City (KEC) secured Shariah-compliant financing of SAR 305 million from Riyad Bank, the company said in a filing to Tadawul today, Aug. 26.

The facility will be utilized for the execution of the remaining residential component of Al-Alya project, with a loan tenure of four years.

The guarantees offered for the financing are lands mortgage and promissory notes, the company said, adding that there are no related parties to the deal.