Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Emaar Economic City to raise SR1bn  Join our daily free Newsletter

MENAFN - Arab News - 06/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Jeddah: emaar economic city (emaar) plans to raise sr1 billion to help finance construction of the king abdullah economic city and will spend sr13 billion developing the saudi arabian project over the next four years.

the company a unit of emaar properties expects to arrange the loans from two or three banks before the end of 2016 fahd al-rasheed ceo of emaar economic city was quoted as saying in a media report.

'our business plan doesn't call for more than a billion riyals" he added in the bloomberg report.

'we're spending about sr13 billion over the next four years which is a significant amount but we are doing a lot of it through sales. our cash flow is healthy."

kaec as the project is known will include a port and business district as well as residences and resorts. it will be built over 168 square kilometers according to the project'??s website.

about 70 companies such as drugmakers pfizer inc. and sanofi and french energy producer total sa (fp) have already leased land to build plants and a further 30 companies may sign up before the end of the year al-rasheed said.

emaar economic is building 6000 housing units at the project located on the coast at rabigh and is seeking to double that amount every year over the next five years he said.

about 2800 people are living in the city he said.

an industrial zone covering 28 million square meters is also being developed inside the city and is due for completion in 2016 al rasheed said. the project will also include 10 hotels by 2020.

kaec's container-port terminal is already operational and will have the capacity to handle about 1.3 million 20-foot equivalent unit containers by the end of the year he said.


 


Arab News




  MENA News Headlines
 Apr 25 2015 - Dubai's Damac Q1 net profit down 38 percentMENAFN
(MENAFN) Dubai's Damac Properties reported a 38 percent fall in first-quarter net profit, despite surging revenue, because of the effect of a big one-off gain a year ago, Emirates 24/7 reported.The ...

 Apr 25 2015 - Saudi Cable signs USD170.7m debt restructure dealMENAFN
(MENAFN) Saudi Cable Company said in a statement that it has signed a deal with three of its main lenders to restructure USD170.7 million of debt, Arab News reported.The debt will be restructured ...

 Apr 25 2015 - Saudi petrochemical firms combined profit down in Q1MENAFN
(MENAFN) Saudi Arabia's first-quarter corporate earnings were generally weaker than expected, a sign that foreign investors should be cautious as the stock market opens up to them this year, Arab ...

 Apr 25 2015 - EU migrant rescue ships head for LibyaThe Peninsula
(MENAFN - The Peninsula) British and German warships made ready to sail for waters off Libya as Europe ramped up rescue operations in the Mediterranean after up to 900 desperate migrants drowned last ...

 Apr 25 2015 - Qatar- Al Rayyan thrash Al Markhiya as Emir Cup kicks off in styleThe Peninsula
(MENAFN - The Peninsula) Football giants Al Rayyan yesterday celebrated their ascent to Qatar Stars League (QSL) by crushing Markhiya 5-0 in their opening Emir Cup clash.Al Rayyan were demoted to the ...

 Apr 25 2015 - Qatar- 'Desert King' Al Attiyah is unstoppable on home soilThe Peninsula
(MENAFN - The Peninsula) Qatar's Nasser Saleh Al Attiyah, Spain's Marc Coma and Poland's Rafal Sonik each confirmed their third victories at the Sealine Cross-Country Rally in four years in the car, ...

 Apr 25 2015 - Qatar- Al Attiyah wins Sealine RallyThe Peninsula
(MENAFN - The Peninsula) Dakar Rally champion Nasser Saleh Al Attiyah yesterday said healthy time lead on the first three days set up his title win at this week's Sealine Cross-Country Rally. The ...

 Apr 25 2015 - Qatar- Stafford Sri Lankan School Doha celebrates New YearThe Peninsula
(MENAFN - The Peninsula) Stafford Sri Lankan School Doha celebrated the Sinhala and Hindu New Year recently by organising many traditional dances, games and competitions. The celebration, which ...

 Apr 25 2015 - Qatar- North Indians' Association celebrates BaisakhiThe Peninsula
(MENAFN - The Peninsula) North Indians' Association celebrated the harvest festival Baisakhi recently at Al Ghazal hall. Nearly 200 members joined the cultural programme organised by the association ...

 Apr 25 2015 - Qatar- Visa trading is illegal and punishableThe Peninsula
(MENAFN - The Peninsula) Qatari law sets strict punishment for visa traders with aim of preventing trade of illegal visas because every single illegal work visa adds an unemployed worker. If he/she ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help