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ADIB provides funding for Albilad s strategic Irish acquisition
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ADIB provides funding for Albilad s strategic Irish acquisition
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He pointed out that the target date for operation is Q2 2023.
The capital of the investment fund that the company signed an agreement to establish will be a mixture between the pooled capital and loans from local banks, the official added in an interview with Al Arabiya TV.
He also indicated that the targeted capital that will be collected through Emaar, FTG Development and other investors that will be invited by Albilad Capital, the fund manager, is SR500 million ($133.33 million), with the rest to be financing from commercial banks.
There will be direct support from the Tourism Development Fund, Binaquil said, stressing the city’s ability to attract local or foreign investments.
RIYADH: A $480 million fund to build a luxury resort at King Abdullah Economic City (KAEC) has been launched.
Emaar The Economic City (Emaar EC) announced in a Saudi stock market filing on Sunday that a framework cooperation agreement to establish the investment fund had been signed.
It said the agreements would be signed with the Saudi Tourism Development Fund, the Turkish investment company FTG Development, Saudi bank Albilad’s investment company, Albilad Capital, and Curacao-based finance company Ekofine Holding BV.
The fund will be allocated toward the development and operation of a five-star resort and hotel under the Dubai-based Rixos brand, owned by Accor International, according to a company statement.
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