(MENAFN) Saudi Arabia's Emaar Economic City announced it has secured a USD533 million Islamic loan to be used in building a residential and infrastructure projects in King Abdullah Economic City.
Emaar Economic City, a consortium headed by Dubai's Emaar Properties and Saudi investors, has set its focus on building in the King Abdullah Economic City, which is set to become a special economic zone in Saudi Arabia.
The King Abdullah Economic City will host as many as 2 million people and is expected to be in the size of Washington DC when completed, with a set goal of helping in diversifying the Kingdom's economy beyond oil into other sectors such as light shipping and industry.
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