Knowledge Economic City secures SAR 152M loan from SAIB

Knowledge Economic City (KEC) secured SAR 152 million in Shariah-compliant financing from Saudi Investment Bank (SAIB) to complete the construction of the educational complex at KEC, according to a statement to Tadawul.

The company said the educational complex will be managed and operated by Riyadh Schools, an affiliate of the Mohammed bin Salman Foundation (Misk).

The financing has a tenor of 15 years and is secured by mortgages over land plots in addition to promissory notes, Knowledge City said, noting that there are no related parties involved.