KEC Secures Riyad Bank Funding for Saudi Residential Project

Saudi-based Knowledge Economic City (KEC) has announced that it has secured a shariah-compliant financing worth SAR305 million ($81.2 million) from Riyad Bank for completing the remaining residential component of its premium Al Alya Project. 

The loan, which is for a tenure of four years, will be utilised as project financing for the execution of the Aliya Residential Apartments -Cluster D, said KEC in its filing to Saudi bourse Tadawul.

The guarantees offered to Riyad Bank for the financing includes lands mortgage and promissory notes, it added.