Emaar The Economic City (Emaar EC) has successfully obtained a loan of 1 billion riyals, equivalent to $267 million, from the Public Investment Fund (PIF) to support project costs and drive growth. This loan is part of the company’s Capital Optimisation Plan.

The new financing represents an amendment to a prior agreement made in 2023 for the same loan amount. The repayment for this 18-month loan is scheduled as a single bullet payment, which will be due 24 months from the signing date of March 18, 2025. This payment will encompass both the principal and any applicable commissions. As security for the loan, Emaar EC has provided mortgages valued at SAR 1.5 billion along with promissory notes.

Additionally, the agreement includes a provision that allows the PIF to convert any outstanding amounts into equity shares in Emaar EC, subject to approval from relevant regulatory authorities and the Extraordinary General Assembly. Currently, the PIF holds a 25% stake in Emaar EC. The company is also known for its role in developing Saudi Arabia’s King Abdullah Economic City (KAEC) and unveiled a SAR 8.7 billion Capital Optimisation Plan in September that emphasizes partnerships and external investments to fund future projects, as stated by its CEO.