Emaar EC reschedules SAR 1B loan with PIF for 3 months

Emaar The Economic City (Emaar EC) announced rescheduling a loan agreement worth SAR 1 billion with the Public Investment Fund (PIF) from 18 to 21 months, according to a statement to Tadawul today, April 1.

Accordingly, the facility term will end on Nov. 19, 2024, instead of Aug. 19, 2024, with no change to the loan ceiling at SAR 1 billion.

The rescheduling came to provide additional support and support for the company to evaluate repayment or settlement alternatives for the facility, it said.

Guarantees originally provided in exchange for the loan include guarantees for certain real estate assets within King Abdullah Economic City (KAEC) at a market value of no less than SAR 1.5 billion. The company has also provided promissory notes under the agreement. The guarantees provided remain unchanged.

Emaar EC earlier signed on Feb. 19, 2023, a term loan agreement of up to SAR 1 billion with PIF, a major shareholder, according to Argaam's data.

The facility aims to enhance strategic plans and projects in KAEC, supporting the latter’s growth and development to become a leading industrial, commercial and tourism hub in Saudi Arabia.