Emaar Economic City, the developer of King Abdullah Economic City in Saudi Arabia, may receive a government loan to help pay for work on the Red Sea coast project.
The government is currently considering the loan, Yahya Hamidaddin, the Saudi Arabian General Investment Authority’s director of Smart Cities Development, said yesterday at a conference in Jeddah. The company asked the authority for assistance to arrange the loan, he said, without providing further details.
Emaar Economic City, owned by companies including Emaar Properties PJSC, the biggest developer in the United Arab Emirates, slowed the building of houses, apartments, shopping centers and office blocks in Saudi Arabia after banks curbed lending in the kingdom. The company terminated a 390 million- riyal ($104 million) contract this month it awarded to Freyssinet Saudi Arabia in 2008.
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