RIYADH: Saudi Arabia’s Knowledge Economic City secured funds from Saudi lenders for its Knowledge City Hub in Madinah. The developer, also known as KEC, has completed all the requirements for its financing agreement, which amounts to SR782 million ($208.3 million), with the Tourism Development Fund and Riyad Bank, it said in a bourse filing. The agreement was first announced
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RIYADH: Knowledge Economic City has agreed to borrow SR782 million ($209 million) from the Saudi Tourism Development Fund and Riyadh Bank for the development of the Knowledge City Hub project in Madinah. The financing, which covers 79 percent of the project development cost, will be repaid over 13 years with collateral in the form of plots of land from the company’s land